SHANGHAI—China’s yuan finished domestic trading session at a new 28-month low against the dollar on Monday, near its downside trading limit, despite the central bank taking steps to rein in the currency’s weakness. The People’s Bank of China (PBOC) said it would raise the foreign exchange risk reserves for financial institutions when purchasing FX through…
China’s Yuan Ends at 28-month Low Despite Fresh Policy Step, Nears Daily Lower Limit
The Great China Currency Collapse
Commentary China’s collapsing currency is the latest in a series of economic decline symptoms that the Chinese Communist Party (CCP) leadership is scrambling to resolve, but so far, with little success. The reasons for the yuan’s fall and Beijing’s failure are as predictable as they are destructive. An Economic Chain Reaction A major cause of…
China’s US Debt Holdings Drop to 12-Year-Low, Further Reductions May Follow
August 26, 2022
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China’s holdings of U.S. debt dropped to the lowest since 2010 after falling below the $1 trillion mark in May, according to data released by the U.S. Treasury on Aug. 15. After seven months of continuous decreases, China’s U.S. Treasury holdings dropped to $967.8 billion in June, $113 billion less than last November, according to…
Authorities Freeze Bank Accounts in Several Chinese Cities
News Analysis Many banking customers in China’s Shenzhen city took to social media earlier this month, claiming they couldn’t withdraw cash or transfer money because their accounts were frozen. Chinese media reported that banks collaborated with authorities to freeze bank accounts. Moreover, a financial expert believes Beijing’s real intention is to prevent capital outflow. According to…
China and Russia—With Help From Biden—Attack the Dollar
August 12, 2022
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Originally published by Gatestone Institute Commentary “The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” said Vladimir Putin in June, at a meeting of the BRICS—Brazil, Russia, India, China, South Africa—grouping. Russia and China have launched another attempt to develop a “new global reserve currency.”…
CCP Partners With Bank for International Settlements to Displace the Dollar
Commentary “We will cultivate a trading center and pricing mechanism that puts China first (以我为主) and actively promote settlement in local currency.” excerpt from the Chinese Communist Party’s (CCP’s) 14th five-year plan for 2021–25. The CCP’s yuan liquidity pool with the Bank for International Settlement is not just a challenge to the dollar, it’s also one…
Hong Kong and China Upgrade Currency Swap Line, Allowing Beijing Access to Foreign Currency Reserves
July 13, 2022
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Nearly 30 percent of Hong Kong’s foreign currency reserves are now accessible to Beijing after the People’s Bank of China (PBC) and Hong Kong Monetary Authority (HKMA) upgraded their currency swap line on July 4. Upgrading the currency swap line to a standing arrangement was one of two new policies announced by the PBC and…
Foreign Investors Dumping the Yuan and Fleeing China
June 9, 2022
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Commentary China’s COVID-19 lockdowns and rate cuts are driving down the yuan and exacerbating foreign capital outflow. “Uncertainty is really the keyword, because there’s no view, no outlook about how long this could last, and what will be next after Shanghai,” Massimo Bagnasco, vice president of the European Union Chamber of Commerce in China, told…
China’s Foreign Capital Data Questioned as Depreciation of Yuan Accelerates
China’s Ministry of Commerce recently claimed that from January to April, the country’s actual use of foreign capital surged by 20.5 percent compared to the same period last year, amid a rapid depreciation of its yuan. But experts believe that the data is false as they say foreign capital has been accelerating its withdrawal from…
China’s State Media Claims De-Dollarization Improves RMB’s International Status
May 9, 2022
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The U.S. dollar has long been recognized as the leading global reserve/fiat currency. But recent hardships posed by the pandemic, war, economic sanctions, dwindling food reserves, and energy shortages have motivated some countries to accelerate the diversification of their currencies. This emerging trend is referred to as de-dollarization. Official media of the Chinese Communist Party…
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