yuan

Treasury Secretary Scott Bessent has said that China couldn’t sell U.S. Treasuries to destabilize the financial markets, as it would affect their economy by weakening their currency. What Happened: Bessent, while speaking to Yahoo Finance, reiterated that there was no purpose for China to...

On Monday, economist Peter Schiff provided a counter-narrative to the claim that China won't sell U.S. Treasuries. What Happened: In a short post on X, Schiff challenged claims that China “won’t sell [U.S.] treasuries as doing so would strengthen the Yuan,” resulting in further...

The latest round of U.S. sanctions on Russia is expected to further solidify the Chinese yuan’s position as the primary currency for Russian trade, according to a Germany-based think tank. What Happened: The new sanctions, while not expected to be a game-changer, will likely reinforce the...

In a significant shift, China’s yuan has surpassed the U.S. dollar as the most traded foreign currency in Russia. This development is a part of the ongoing trend of de-dollarization, reflecting a global move away from the dollar. What Happened: The Renminbi accounted for 42% of all foreign...

On Monday, China’s central bank, The People's Bank of China, kept its key interest rate for one-year policy loans unchanged, citing concerns about yuan instability and the ongoing uncertainty surrounding potential Federal Reserve adjustments. What Happened: Despite recent weak credit...

State-owned banks in China have been observed trading U.S. dollars for yuan in an effort to support the Chinese currency. What Happened: On Tuesday, major Chinese banks were witnessed swapping yuan for dollars in the onshore swap market and selling those dollars in the spot market, sources with...

Standard Chartered ADR (OTCMKTS: SCBFY) Bank (China) announced it initiated the offering of digital yuan exchange services to customers. What Happened: The multinational bank’s China division is working with City Bank Clearing Services to give customers access to the digital yuan's...

China and Saudi Arabia have agreed on a currency swap deal worth approximately $7 billion. This agreement signifies another move in the worldwide trend of de-dollarization, as nations shift from the US dollar. The three-year deal allows for a maximum of 50 billion yuan or 26 billion riyals,...

China’s economy is at risk of being caught in a debt-deflation cycle. To avoid this, the yuan might need to devalue, according to economist Shang-Jin Wei, Business Insider reported. The former chief economist at the Asian Development Bank observed a decline in consumer prices and...

Chinese investors are increasingly turning to offshore dollar deposits and Hong Kong insurance as confidence in the domestic economy wanes and the yuan weakens, Reuters reports. Offshore Rush Individuals are driving this surge, reflecting deep-seated concerns about China’s economy as its...

Billionaire venture capitalist Chamath Palihapitiya reportedly said, in April, that the whole discussion about de-dollarization on social media is a huge “nothingburger” and highlighted the fact that China’s yuan — being talked about as an alternative — is pegged...

Although conversations around de-dollarization have gained ground recently, former Treasury Secretary Larry Summers did not seem too concerned during an interview with Bloomberg last week. The economist also shared his thoughts on how the U.S. should deal...

China's yuan has reportedly taken over the position held by the U.S. dollar as the most traded currency in Vladimir Putin-led Russia, a year after the Ukraine war led to a slew of Western sanctions against Moscow. The yuan surpassed the dollar in monthly trading volume in February for the first...

During the beginning of 2023, the dollar is expected to strengthen along with some volatility, which would mean the Chinese Yuan may weaken with large fluctuations, said the UBS strategy team in a note. “Looking beyond that, while China’s export growth will likely weaken sharply...

China has reportedly utilized a controversial tool to inject funds into policy banks for the first time in over two years, as Beijing increasingly turns to semi-official lenders to boost the economy at a time when the monetary stimulus is limited by rising global interest rates. What Happened: The...