randomm

China Asks Banks to Curb Dollar Purchases as Yuan Hits Multi-Year Low

China seeks to maintain the stability of the yuan in the face of the current tariff war, informally asking state banks to stop their dollar purchases. According to Reuters, these institutions would also ramp up controls on customers’ dollar purchases to stop speculation.

China is readying an arsenal of measures to fight back the U.S. tariffs and their effects as part of the ongoing trade war. According to Reuters, who was tipped by sources on condition of anonymity due to lack of authorization to talk about market matters publicly, the People’s Bank of China (PBOC) has issued informal guidance requiring state banks to stop purchases of U.S. dollars to maintain the stability of the yuan, and step up the checks for private purchases of the currency.

China Asks Banks to Curb Dollar Purchases as Yuan Hits Multi-Year Low

China seeks to maintain the stability of the yuan in the face of the current tariff war, informally asking state banks to stop their dollar purchases. According to Reuters, these institutions would also ramp up controls on customers’ dollar purchases to stop speculation.

China is readying an arsenal of measures to fight back the U.S. tariffs and their effects as part of the ongoing trade war. According to Reuters, who was tipped by sources on condition of anonymity due to lack of authorization to talk about market matters publicly, the People’s Bank of China (PBOC) has issued informal guidance requiring state banks to stop purchases of U.S. dollars to maintain the stability of the yuan, and step up the checks for private purchases of the currency.

https://news.bitcoin.com/china-asks-banks-to-curb-dollar-purchases-as-yuan-hits-multi-year-low/