All articles tagged with #offshore yuan
China’s offshore yuan has broken the major psychological benchmark of 7 against the US dollar, reaching its highest level in 15 months, driven by market optimism, a weaker US dollar, and strong trade surpluses, signaling a potential shift in currency valuation and market sentiment.
China's major state-owned banks are reportedly actively buying up offshore yuan in an effort to stabilize the currency, which has been facing pressure due to a darkening economic outlook and strain in the property sector. By tightening offshore yuan liquidity, the banks aim to raise the cost of shorting the Chinese yuan and potentially stabilize its value. The move comes as the yuan has weakened over 5% against the US dollar this year. The offshore yuan rallied following the state bank's actions.