Posted on 07/19/2023 8:24:19 PM PDT by nickcarraway
China's major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trades on Thursday, two people with direct knowledge of the matter said.
Such state bank dollar selling was meant to slow the pace of yuan declines, one of the sources said.
China's central bank on Thursday also announced a relaxing of a cross-border financing rule, making it easier for domestic firms to raise funds from overseas markets and easing depreciation pressure on the yuan currency. China's offshore yuan strengthened more than 0.7 per cent to a high of 7.1812 per dollar before last trading at 7.1890 as of 0249 GMT.
(Excerpt) Read more at channelnewsasia.com ...
UH-OH...China may be in trouble...Oh well..Things will go better when they are charged with all the problems and headaches that go with a powerful currency that runs the world.........
Funny how this never works. yet, the fiat currencies around the world including us, try it again and again.
China may be in trouble, but massive selling of dollars will drive the dollar down.
That would be great for sale of US manufactured goods. If the US stiil manufactured anything
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