Monday, November 28, 2022
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China with measures to stabilize the yuan against the growing dollar

China with measures to stabilize the yuan against the growing dollar

Beijing, Sep 28 (Prensa Latina) China imposed a 20% reserve requirement on foreign currency sales in order to stabilize its yuan against an increasingly stronger U.S. dollar.

The central bank said the move seeks 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 the currencies of many economies weakened against the dollar due to interest rate hikes by the U.S. Federal Reserve.

On Wednesday, the yuan or renminbi lost 385 points against the greenback and was quoted at a rate of one to 7.1107.

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

pgh/arm/ymr.

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