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China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing's prior interventions have failed to stem its currency's worst year since 1994

2 monthes ago   |   By Business Insider

Chinese President Xi Jinping. Kevin Frayer/Getty Images
Reuters reported that China told state-owned banks to get ready to sell dollars and buy yuan in an effort to prop up the local currency.
The move could stem the yuan's fall, as it remains on track for its largest annual loss against the dollar since 1994.
A hawkish Fed has pushed the dollar to 20-year highs this year, pressuring currencies around the world.
The People's Bank of China has told major state-run banks to prepare to shed dollar holdings while snapping up offshore yuan, which has continued to fall despite prior...
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