China's state-owned banks intervene to sell dollars for yuan in the onshore market to curb yuan declines.
China's major state-owned banks are reportedly selling dollars for yuan in the onshore foreign exchange market to curb yuan declines after the currency fell to its lowest level in over four months. The banks stepped in after the yuan weakened past the psychologically significant 7.2 per dollar level. The sudden yuan weakness comes amidst rising expectations for further monetary easing to support growth in China, the world's second-largest economy.
March 22, 2024
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