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China's central bank steps up intervention after yuan hits 16-year low against greenback - TL;DR CNBC

China's central bank steps up intervention after yuan hits 16-year low against greenback

Publishing timestamp: 2023-08-18 01:44:24


Summary

The article reports that Chinese state banks have been selling U.S. dollars to buy yuan in an attempt to slow the depreciation of the yuan. The People's Bank of China (PBOC) has stated that the foreign exchange settlement and sales for the yuan are rational and orderly, and market expectations are stable. The PBOC has set the onshore yuan midpoint at a stronger rate than Reuters' estimate for the second straight day. The article also mentions the difference between onshore and offshore yuan, and the potential risks and challenges facing the onshore yuan in the medium term. The PBOC has vowed to maintain the stability of the yuan exchange rate and prevent the risk of an exchange rate overshoot.


Sentiment: NEUTRAL

Tickers: .DXYJPY=CNY=

Keywords: business newsasia economymarketsus dollar/chinese renminbi fx spot rateu.s. dollarforex marketscurrency marketsbreaking news: marketseconomic eventschina

Source: https://www.cnbc.com/2023/08/18/chinas-intervenes-after-yuan-hits-16-year-high-against-greenback.html


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