Skip to comments.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
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 ...
“...massive dollar dump...”
Monday morning DOW stocks should be fun....
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.
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.
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.
This part is fixable, if the US feds were willing to remove dollars from the system as they come in.
[Monday morning DOW stocks should be fun....]
I’ll be sleeping after working all night Sunday.
Ping me, please, to what happens.
[100,000 Dollar candy bar that actually costs that much.]
That’s gold, Jerry! GOLD!
Just watch the index futures starting at 6:30 PM Sunday.
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”.
Now a “China dollar dump exercise” might have made sense ...... but here we are.
Setting my alarm
Wonder how much a bowl of soup will cost in a restaurant......That’s all I really want..I had a late lunch
[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!!!
Serenity now...serenity now!!!!!!!!!!!!!!!!!!!!!!!!
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.
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
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