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PBOC Reportedly Asks State-owned Banks to Reduce USD Purchases to Ease Downward Pressure on RMB
The People's Bank of China (PBOC) will not allow a sharp RMB depreciation, and has asked major state-owned banks to reduce their USD purchases because of the downward pressure ...
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PBOC Reportedly Asks State-owned Banks to Reduce USD Purchases to Ease Downward Pressure on RMB
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The People's Bank of China (PBOC) will not allow a sharp RMB depreciation, and has asked major state-owned banks to reduce their USD purchases because of the downward pressure on RMB amidst the huge tariff hikes by the US and China's countermeasures, Reuters quoted sources as saying.

It is expected that the PBOC will not alleviate the impact of the tariffs on exports and the overall economy via RMB depreciation, although a moderate depreciation will help exports.

Related NewsSpot USD/CNY Rises 342 bps to Close at 7.2653
It is reported that large state-owned banks actively sold USD, and bought RMB in the onshore spot market today (9th) in a bid to slow down the RMB depreciation. USD/ CNY last dipped 102 points to 7.3492, while USD/ CNH rebounded after hitting a new all-time low and last leaped 465 points to 7.3776.

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