EXCLUSIVE-People’s Bank of China instructs state-owned banks to prepare for intervention to prevent yuan depreciation = related sources | Reuters

The People’s Bank of China (PBOC) has instructed major state-owned banks to prepare to buy yuan and sell dollars in offshore markets to stem the yuan’s depreciation. Reuters/Dado Ruvic/Illustration [香港 29日 ロイター] – The People’s Bank of China (PBOC) has instructed major state-owned banks to prepare to buy yuan and sell dollars in offshore markets […]

Chinese banks to start selling reserves to save renminbi

China’s public banks must prepare to bail out the renmimbi (or yuan). The warning was given by the People’s Bank of China. The Chinese currency traded on the international (“offshore”) market has already fallen 12% against the dollar since the beginning of the year and the pressure on the pair continues to mount. According to […]

Stabilizing the yuan is the top priority, says the Chinese government

The PBOC said the foreign exchange market works largely in an orderly fashion, but warned against making big one-way bets on the currency. He also reiterated that the yuan has a solid base to be stable. “The foreign exchange market is of great importance and maintaining stability is the top priority,” the PBOC stressed. Market […]