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China takes steps to stabilize the yuan against the growing dollar

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China takes steps to stabilize the yuan against the growing dollar

Beijing, Sep 26 (Prensa Latina) China on Monday said that it will impose a 20- percent reserve requirement on hard currency sales and thus seeks to stabilize the yuan against an increasingly strong US dollar.

The central bank said that this measure will take effect on Wednesday and aims to moderate foreign exchange market expectations and strengthen prudent management at the macro level.

The increase will help maintain the balance between supply and demand in the country’s foreign exchange market, Wen Bin, chief economist at China Minsheng Bank, said after recalling that many economies’ currencies weakened against the dollar due to interest rate hikes by the US Federal Reserve.

On Monday, the yuan or renminbi lost 378 points against the dollar and traded at a rate of one to 7.0298.

The Bank also set the midpoint of the price of the national currency against the dollar at seven to protect it and prevent it from losing strength for a long time.

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