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China is showing signs of potential yuan devaluation, with the Renminbi experiencing a significant drop, leading to concerns and speculations about the country's currency policy. State-owned banks in China are intervening to stabilize the currency, while citizens are turning to gold amidst the unfolding situation.
"Exceptional strong gold demand from both the Chinese central bank and private sector has been driving up the gold price over the past two years, by which they have taken over control over the gold price from the West.. "The People’s Bank of China (PBoC) bought a record 735… https://t.co/FHuns9f34C
Onshore Yuan (CNY USD) Falls to Four-Month Low After Key Level Breached https://t.co/Nl8wBSeCvy China has always managed its currency. They don't know what they are doing -- after all, they are Communists, and don't know how capitalist markets behave.
As noted by @LukeGromen: Swiss gold exports to Gulf Coast Council countries jumped by the most in 10 years YTD in 2024. Swiss gold exports to Persian Gulf energy exporters began rising almost immediately after the US sanctioned Russian FX reserves in 2022. This appears to be… https://t.co/mCYg8YfHGv
