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China's central bank has instructed major lenders to increase the share of yuan used in cross-border trade transactions from 25% to 40%. This move aims to strengthen the yuan amid its recent appreciation against the US dollar. The yuan surged past the 7.17 mark against the dollar, reaching a six-month high. Goldman Sachs noted that the yuan's appreciation could provide additional support to Chinese equities. However, after months of propping up the currency, the People's Bank of China (PBOC) has recently shifted its strategy to slow the yuan's rapid gains. Measures include setting weaker daily reference rates and pausing bill sales in Hong Kong to ease upward pressure. This change in stance comes as the US dollar continues to decline and China's economic outlook improves.
China is shifting its stance on the yuan as markets bet the currency will strengthen, with the recent slide in the U.S. dollar continuing and the economic outlook improving. https://t.co/tvYOdpdQ90
🇨🇳#China Seeks to Slow Yuan’s Gains After Months of Propping It Up China's central bank has shifted from supporting the yuan to curbing its rapid appreciation amid the dollar's decline. The PBOC set weaker daily fixings and paused bill sales in Hong Kong to ease upward pressure. https://t.co/Rn5pBRKN9y
The Chinese yuan has continued to strengthen against the US dollar, with the exchange rate of both the onshore and offshore yuan surpassing the 7.17 level on Tuesday morning, the highest level in nearly six months, according to a report from the Securities Times on Tuesday. https://t.co/e71SsjvK95
