Posted 1/22/2024, 12:49:00 PM
China Acts to Prop Up Yuan Amid Stock Market Slump and Uneven Recovery
- China attempting to stabilize yuan as stock market declines amid economic downturn
- Taking steps like tightening offshore liquidity, selling USD to prevent yuan from falling further
- Held benchmark lending rates steady despite pressures on yuan from slowing economy
- Stock markets reflecting uneven recovery - Shanghai Composite saw biggest single-day drop since April 2022
- Growth picked up to 5.2% in 2022 after authorities took measures to expand domestic demand, optimize structure