4 sources report China's state-owned banks sell US dollars for yuan to stabilize the local currency amid economic and geopolitical challenges.
China's major state-owned banks are selling US dollars in exchange for Chinese yuan in the onshore spot foreign exchange market, according to 4 sources. This follows the yuan dropping to its weakest point since mid-November 2023. China's state-owned banks intervened in the onshore spot foreign exchange market to prevent a rapid decline in the local currency amid ongoing economic and geopolitical challenges.
June 11, 2024
4 Articles