{"id":2007656,"date":"2023-08-22T00:32:01","date_gmt":"2023-08-22T04:32:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/factbox-chinas-measures-to-slow-yuan-depreciation\/"},"modified":"2023-08-22T00:36:17","modified_gmt":"2023-08-22T04:36:17","slug":"factbox-chinas-measures-to-slow-yuan-depreciation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/factbox-chinas-measures-to-slow-yuan-depreciation\/","title":{"rendered":"China&#8217;s steps to curb yuan depreciation."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffactbox-chinas-measures-to-slow-yuan-depreciation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2007656&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>China&#8217;s State-Owned \u200bBanks Take Action to Stabilize\u200d Yuan<\/strong><\/p>\n<p>In recent weeks, China&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/asian-shares-head-for-worst-month-since-pandemic-started\/\" title=\"Asian shares head for worst month since pandemic started\">major state-owned banks<\/a> \u2062have been actively\u200c involved in both onshore and offshore\u2063 foreign exchange markets to address the rapid decline of the yuan. \u2062According to sources, these banks were seen mopping up offshore \u200cyuan liquidity\u2063 on Monday.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>State banks often\u200b act on behalf of \u2062China&#8217;s central bank \u200bin both onshore and offshore foreign exchange markets, but they could also trade on their own behalf or\u200d execute their clients&#8217; orders.<\/p>\n<p>The \u2062yuan has experienced a loss of more than 5% \u2063against \u2064the\u2064 dollar, making it one of the\u200c worst performing \u2062Asian currencies. To combat this, various policy moves \u2063and\u2064 measures have been implemented to stem yuan weakness.<\/p>\n<h3>Policy Moves and Measures to Stabilize Yuan:<\/h3>\n<ul>\n<li>Aug \u206222, \u200d2023: The People&#8217;s Bank of China (PBOC) set\u200c the yuan midpoint firmer than market projections,\u200b indicating concern over its recent weakness.<\/li>\n<li>Aug \u200b21, \u200c2023: China&#8217;s major state-owned banks actively mopped up offshore yuan, raising the cost of shorting the currency.<\/li>\n<li>Aug 17, 2023: China&#8217;s major state-owned banks \u200dsold U.S. dollars to buy yuan \u200cin both onshore and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-chinas-major-state-banks-sell-dollars-for-yuan-in-london-ny-hours-sources\/\" title=\"China's top state banks trade dollars for yuan in London and New York during specific hours, according to sources.\">offshore spot foreign exchange markets<\/a>.<\/li>\n<li>Aug 17, 2023:\u200b Financial News, backed by the PBOC, stated that the yuan&#8217;s movements align with economic fundamentals \u200band market demand.<\/li>\n<li>Aug 17, 2023: The\u2062 PBOC emphasized the prevention\u2064 of yuan exchange rate overshooting\u200d and systemic financial risks.<\/li>\n<li>Aug 9, \u20632023:\u200b China&#8217;s major \u2064state-owned banks sold U.S. dollars to buy yuan in the onshore spot foreign exchange market.<\/li>\n<li>Aug 1, \u20622023: China&#8217;s FX regulator affirmed the country&#8217;s commitment to maintaining the stability of the \u2062yuan exchange rate.<\/li>\n<li>July 25, 2023: China&#8217;s \u200bmajor state-owned banks sold\u200d U.S. dollars to buy yuan in both \u200donshore and offshore spot markets.<\/li>\n<li>July 24, 2023: The Politburo called\u200d for measures to stabilize the yuan, improve \u2063capital markets, and\u2063 address financial risks.<\/li>\n<li>July 20,\u2062 2023: China&#8217;s major state-owned banks sold dollars to buy yuan in the offshore spot \u2062market.<\/li>\n<li>July\u2063 20, \u200b2023: China&#8217;s central\u2063 bank\u200b and foreign exchange regulator increased the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/factbox-chinas-measures-to-slow-yuan-depreciation\/\" title=\"China's steps to curb yuan depreciation.\">cross-border macro prudential adjustment ratio<\/a>.<\/li>\n<li>July 5, 2023: Foreign investors were\u2063 net purchasers of onshore yuan\u2064 bonds, indicating stable expectations in \u200dChina&#8217;s foreign exchange market.<\/li>\n<li>July 4,\u200c 2023: China&#8217;s major state-owned banks lowered their dollar deposit \u2063rates to counter\u200c the\u200c yuan&#8217;s slide.<\/li>\n<li>June 29, 2023: China&#8217;s major state-owned banks sold dollars for yuan in the onshore spot foreign exchange market.<\/li>\n<li>June 27, 2023:\u200d China&#8217;s major state-owned\u200d banks\u2063 sold dollars in the offshore spot\u2063 foreign exchange market to\u200b slow the yuan&#8217;s decline.<\/li>\n<li>June 6, 2023: \u2062Major\u2062 state-owned banks were asked to lower dollar deposit interest rates to support the weakening yuan.<\/li>\n<li>June 1, 2023: China&#8217;s commerce ministry surveyed \u200cexporters, importers, and banks \u200babout their currency strategies \u2063and the impact of\u2062 a \u2063weakening yuan.<\/li>\n<li>May\u200c 26, 2023: China&#8217;s major \u2063state-owned banks\u2064 sold dollars in \u200dthe onshore \u200dspot foreign exchange market.<\/li>\n<li>May 24, 2023: The yuan is expected to remain stable due to China&#8217;s stable economic fundamentals and balance of payments.<\/li>\n<li>May 19, \u200b2023: China pledged to curb large \u200dfluctuations in the exchange rate\u2063 and \u2064strengthen self-regulation of dollar \u2062deposits.<\/li>\n<\/ul>\n<p>(Compiled by Shanghai NewsroomEditing by Shri Navaratnam)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/factbox-chinas-measures-to-slow\/attachment\/file-photo-illustration-picture-of-chinese-yuan-3\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Joe Biden jets \u2063off to Hawaii, Trump pays $200,000 in Fulton County and Fat Bottomed Girls get blacklisted.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Trump spokeswoman Liz Harrington\u2062 suggests\u2062 the timing of the latest \u2062indictment \u200bof\u200c Donald\u2063 Trump reeks of \u200ccollusion.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The death toll from the Maui wildfires continues \u2064to rise,\u200b with at \u2062least 111 confirmed fatalities as of\u200b Friday while nearly 1,000 others remain missing.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Nebraska Governor Jim Pillen \u2064signs the Opportunity Scholarship Act, \u2064which\u200d commits $50 million \u2063dollars \u2063in \u200dtax credits to children across the state. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>OSLO (Reuters)\u200d &#8211; Meta \u2063Platforms\u2064 will ask a\u2064 court in Norway \u200bon Tuesday to\u200b stop a fine the country&#8217;s data regulator has\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) &#8211; Coinbase Global said on Monday\u2063 it would acquire an equity \u2064stake in cryptocurrency \u2062operator Circle \u200cInternet Financial and shut down\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Jaspreet Singh\u2062 (Reuters) -Zoom\u200d Video Communications forecast third-quarter\u200b profit above Wall \u200cStreet estimates on Monday, a positive\u2062 sign for the company\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Chavi Mehta (Reuters)\u200b -Nvidia investors expect \u2063the chip designer to forecast quarterly revenue above\u2064 estimates when it reports results on Wednesday.\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>offshore foreign exchange markets. They have been working to prevent the yuan from depreciating too quickly. On Monday, sources revealed that the state banks were buying up offshore yuan to stabilize its value. This is a common practice for state banks, as they often act on behalf of the central bank.<\/p>\n","protected":false},"author":66,"featured_media":2007657,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2007656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2007656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2007656"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2007656\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2007657"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2007656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2007656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2007656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}