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Could China be about to intervene to prop up the yuan?

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@rose98734
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The Chinese yuan is at it's weakest against the US dollar since 1994, having lost 15% this year. Here's the graph:

source

This is causing all sorts of problems for the Chinese economy, because it is dependant on importing raw materials and energy which are priced in dollars.

Sources have told Reuters that the People's Bank of China has instructed off-shore branches of state-owned banks to get ready to sell their US Treasuries so they have enough liquid dollars on hand to start buying yuan.

On the news, the yuan abruptly pulled back from it's low of 7.2267 to 7.1135.

Are the Chinese just trying to frighten the market into stopping shorting the yuan? Or are they getting ready for an actual intervention?