PBoC bolsters support for renminbi
Central bank pledges intervention to prevent excessive currency moves
China’s central bank stepped up support for the yuan, as the currency slid toward its weakest level since 2007, and warned that the economy faces serious challenges.
Chinese authorities told state-owned banks to step up intervention in the currency market this week, in order to keep the yuan stable, Bloomberg said on August 17. Senior officials are also considering cutting banks’ foreign exchange requirements to prevent a rapid renminbi depreciation.
Major state-owned banks also sold US
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