China's Central Bank Takes Steps to Ease Downward Pressure on Yuan

China's central bank asked big banks to stagger & adjust dollar purchases to ease yuan pressure.
Banks told to refrain from immediately closing FX positions after dollar sales.
Banks asked to hold dollar purchases to reduce downward pressure on yuan.
Move aims to partially absorb heavy corporate dollar demand.
Yuan has lost over 5% vs dollar in 2022, becoming Asia's worst performer.

reuters.com

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8/30/2023

China Mortgage Rate Cuts Fall Short of ‘Game Changer’ Policy

China's largest lenders are reportedly preparing to cut interest rates on existing mortgages and deposits, in an effort to boost consumer spending and stimulate the economy, though economists believe further policy action will be necessary to address the country's economic challenges.