Focus topics

State banks support yuan with dollar sales

In light of a fall in yuan exchange rates, major state-owned banks intervened in the foreign exchange market. They sold US dollars to prop up the ailing yuan, two people with direct knowledge of the matter told Reuters. The yuan then recovered from a 14-year low of 7.3746 per dollar to 7.3034. Chinese state-owned banks usually trade on the foreign exchange market on behalf of the central bank, which in turn answers directly to the Chinese leadership.

Continue reading now

Get 30 days of free access to the Professional Briefing to read these and more quality news every day.

Are you already a guest at the China.Table? Log in now


    Xi travels to Saudi Arabia
    Cyberattack on Amnesty International Canada
    Further relaxations in Beijing
    Production at Apple and Tesla remains impaired