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China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing's prior interventions have failed to stem its currency's worst year since 1994
https://www.reuters.com/markets/currencies/exclusive-chinas-state-banks-told-stock-up-yuan-intervention-sources-2022-09-29/ ^ | Sep 29, 2022 | Phil Rosen

Posted on 10/01/2022 10:40:37 PM PDT by Jonty30

The People's Bank of China has told major state-run banks to prepare to shed dollar holdings while snapping up offshore yuan, which has continued to fall despite prior interventions, sources told Reuters.

The scale of this latest effort to prop up the yuan will be big and could provide a floor to the Chinese currency, according to the report.

The amount of dollars to be sold hasn't been decided yet, but Reuters said it will primarily involve the state banks' currency reserves. Their offshore branches, including those based in Hong Kong, New York and London, were ordered to review offshore yuan holdings and check to see that dollar reserves are ready.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; Government
KEYWORDS: crash; ignorance; opportunity; soitbegins
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I think this counts as an "Uh oh"
1 posted on 10/01/2022 10:40:37 PM PDT by Jonty30
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To: Jonty30

“...massive dollar dump...”

Monday morning DOW stocks should be fun....


2 posted on 10/01/2022 10:42:07 PM PDT by cranked
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To: Jonty30

Took a year and half for Biden to have us on the edge of WW3. I don’t think Biden won legitimately, but a special FU to the people who did vote for Biden because they hated “mean tweets” and wanted the adults back in charge.


3 posted on 10/01/2022 10:50:06 PM PDT by SlipperySlope99
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To: Jonty30

Oh no. That’s great news! If they dump all their dollars, we will have them all back here in America! I don’t know about you, but I am excited to walk around with million dollar bills in my wallet and FINALLY buy a 100,000 Dollar candy bar that actually costs that much.

/s


4 posted on 10/01/2022 10:55:33 PM PDT by DesertRhino (Dogs are called man's best friend. Moslems hate dogs. Add it up..)
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To: Jonty30

Source link?


5 posted on 10/01/2022 11:24:29 PM PDT by SauronOfMordor (A Leftist can't enjoy life unless they are controlling, hurting, or destroying others)
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To: DesertRhino

Their system is soooo f_cked - worse than ours. The systemic issues they face make ours look tiny by comparison.

Combat vet to combat vet - this ain’t danger close for us.


6 posted on 10/01/2022 11:28:43 PM PDT by datura (Eventually, the Lord and the Truth will win.)
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To: SauronOfMordor

https://www.reuters.com/markets/currencies/exclusive-chinas-state-banks-told-stock-up-yuan-intervention-sources-2022-09-29/


7 posted on 10/01/2022 11:32:33 PM PDT by Jonty30 (Some men want to see the world burn. It is they that want you to buy an electric car.)
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To: DesertRhino

This part is fixable, if the US feds were willing to remove dollars from the system as they come in.


8 posted on 10/01/2022 11:35:48 PM PDT by Jonty30 (Some men want to see the world burn. It is they that want you to buy an electric car.)
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To: cranked

[Monday morning DOW stocks should be fun....]

I’ll be sleeping after working all night Sunday.

Ping me, please, to what happens.


9 posted on 10/01/2022 11:44:59 PM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: DesertRhino; Kenny Bania

[100,000 Dollar candy bar that actually costs that much.]

That’s gold, Jerry! GOLD!


10 posted on 10/01/2022 11:45:55 PM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: SaveFerris

Just watch the index futures starting at 6:30 PM Sunday.


11 posted on 10/01/2022 11:59:42 PM PDT by steve86 (Prophecies of Maelmhaedhoc O'Morgair (Latin form: Malachy))
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To: steve86

Thanks.

I’ll be on the road to the job at that time. If I’m lucky, I get to the gates to scan in at 6:55 p.m.

Usually I hit the sack about 4:30 a.m. (if I’m lucky) but it’s often 6:00 a.m. to 7:00 a.m.

But I’ll see what happened when my alarm goes off at 5:00 p.m. Lord willing.

Banks practicing a “global warming exercise” makes about as much sense as a ballistic missile submarine practicing a “soccer ball shortage exercise”.


12 posted on 10/02/2022 12:07:23 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: steve86

Now a “China dollar dump exercise” might have made sense ...... but here we are.


13 posted on 10/02/2022 12:08:57 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: DesertRhino
"FINALLY buy a 100,000 Dollar candy bar that actually costs that much."

That may be only a very narrow window of opportunity.
14 posted on 10/02/2022 12:57:59 AM PDT by clearcarbon (Fraudulent elections have consequences.)
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To: steve86

Setting my alarm


15 posted on 10/02/2022 1:19:39 AM PDT by thinden (buckle up....)
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To: SaveFerris

Wonder how much a bowl of soup will cost in a restaurant......That’s all I really want..I had a late lunch


16 posted on 10/02/2022 1:23:27 AM PDT by Hambone 1934 (Dems love playing Nazis.....The republicans love helping them)
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To: Hambone 1934

[Wonder how much a bowl of soup will cost in a restaurant......That’s all I really want]

Probably only $150.

Unless you want crackers. That’ll be another $30.

Don’t have $180?...........

(wait for it)

NO SOUP FOR YOU!!!


17 posted on 10/02/2022 1:26:19 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: SaveFerris

Serenity now...serenity now!!!!!!!!!!!!!!!!!!!!!!!!


18 posted on 10/02/2022 2:05:33 AM PDT by Hambone 1934 (Dems love playing Nazis.....The republicans love helping them)
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To: Jonty30

Any possibility that China is doing this because of inflationary pressures within their country?

Buy their yen back and reduce the number of yen flowing throug the country.


19 posted on 10/02/2022 2:05:34 AM PDT by Jonty30 (Some men want to see the world burn. It is they that want you to buy an electric car.)
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To: Jonty30

well worth a watch. some subtitling, especially early, but they are no bother:

26 Sept: Youtube: 46m: The Great Fall Of China’s Housing Market: Who Will Pay The Price? | Insight | China Mortgage Boycott
https://www.youtube.com/watch?v=jNRtOEujfQc


20 posted on 10/02/2022 2:11:18 AM PDT by MAGAthon
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