Posted 12/10/2023, 2:07:09 PM
China Takes Aim at Dollar Supremacy, Dump US Currency to Boost Yuan
- China's central bank dumped US dollars for 3 consecutive days in December as retaliation for Moody's negative yuan rating
- China sold dollars aggressively to prop up the yuan and keep it from falling further
- China's state banks bought yuan immediately after selling dollars to boost the yuan's position
- China is using tactics to keep the yuan ahead of the dollar in currency markets
- The dollar is becoming a victim of Chinese and BRICS efforts to uproot dollar supremacy globally