Topics

Posted 9/11/2023, 9:24:00 AM

Chinese Yuan Rebounds After Hitting 16-Year Low Amid Economic Woes

The Chinese yuan dropped to a 16-year low versus the dollar on Friday amid economic headwinds.
China's central bank moved to stabilize the currency, pushing the yuan 1% higher Monday, its biggest gain since March.
The PBOC issued a warning to traders speculating against the yuan and said it would correct any major currency moves.
China faces economic challenges like weak manufacturing, high unemployment, and a struggling property sector.
Economists have cut China's 2023 and 2024 growth forecasts due to the bleak economic outlook.

businessinsider.com

Relevant topic timeline:

8/21/2023

China state banks seen mopping up offshore yuan to stem currency weakness

China's major state-owned banks are actively buying offshore yuan in an attempt to stabilize the currency amid a darkening economic outlook and strain in the property sector, raising the cost of shorting the Chinese yuan and leading to a rally in the currency's value.

8/30/2023

Chinese economy under threat as yuan weakens

China's currency, the yuan, is at its lowest level against the dollar since the 2008 financial crash, which raises concerns about the country's economic stability and its ability to boost domestic consumption.

9/6/2023

Japan Ramps Up Verbal Defense as Yen Sets Fresh 10-Month Low

The yen rebounded from a 10-month low against the dollar after Japan issued a strong warning about sharp currency moves, increasing the likelihood of government intervention if the slump continues.

9/7/2023

Dollar rises on robust U.S. economy, yuan sinks to 16-year low

The dollar strengthens against the yen and keeps the euro and sterling near three-month lows as investors rely on the resilience of the U.S. economy, while China's onshore yuan hits a 16-year low due to a property slump and weak consumer spending.

9/7/2023

China's economic woes mount with the yuan hitting a 16-year low

The Chinese yuan has dropped to a 16-year low against the dollar due to concerns over a deepening economic slowdown in China, with data showing a decline in exports for the fourth consecutive month.

9/8/2023

China August Loans and Money Supply Seen Rebounding, But Still Below 2021 Levels

China's new yuan loans are expected to rebound in August after a decline in July, as the central bank implements measures to support economic growth during soft domestic and international demand.

9/14/2023

China Cuts Reserve Requirement to Support Economy Amid Yuan Weakness

China's offshore yuan weakened after the country's central bank announced a cut in banks' reserve requirement ratio, which aims to support the economy but could further worsen the decline of the yuan.

9/14/2023

China's Slowing Growth and Falling Yuan Raise Economic Concerns

China's currency, the yuan, has depreciated over 8% against the dollar as the Chinese economy grows less than expected, making it harder to reach its growth target of 5% for 2023, and worries about the economy have intensified due to issues in the real estate sector and financial health of local governments, causing concerns about the future of the yuan which may experience a slow but steady depreciation in the face of a weak dollar and a desire to maintain a trade surplus.

9/15/2023

China Unlikely to Pursue Yuan Devaluation Despite Economic Slowdown

China is unlikely to devalue its currency, the yuan, despite concerns that it could do so to boost exports, as such a move would risk intensifying capital flight and tightening financial conditions, according to the Institute of International Finance. Instead, the focus will be on domestic easing measures to maintain steady growth, although there is the challenge of balancing the yuan's stability against the strengthening US dollar and other major currencies.

Topics

Posted 9/11/2023, 9:24:00 AM

Chinese Yuan Rebounds After Hitting 16-Year Low Amid Economic Woes

The Chinese yuan dropped to a 16-year low versus the dollar on Friday amid economic headwinds.
China's central bank moved to stabilize the currency, pushing the yuan 1% higher Monday, its biggest gain since March.
The PBOC issued a warning to traders speculating against the yuan and said it would correct any major currency moves.
China faces economic challenges like weak manufacturing, high unemployment, and a struggling property sector.
Economists have cut China's 2023 and 2024 growth forecasts due to the bleak economic outlook.

businessinsider.com

Relevant topic timeline:

8/21/2023

China state banks seen mopping up offshore yuan to stem currency weakness

8/30/2023

Chinese economy under threat as yuan weakens

9/6/2023

Japan Ramps Up Verbal Defense as Yen Sets Fresh 10-Month Low

The yen rebounded from a 10-month low against the dollar after Japan issued a strong warning about sharp currency moves, increasing the likelihood of government intervention if the slump continues.

9/7/2023

Dollar rises on robust U.S. economy, yuan sinks to 16-year low

9/7/2023

China's economic woes mount with the yuan hitting a 16-year low

The Chinese yuan has dropped to a 16-year low against the dollar due to concerns over a deepening economic slowdown in China, with data showing a decline in exports for the fourth consecutive month.

9/8/2023

China August Loans and Money Supply Seen Rebounding, But Still Below 2021 Levels

China's new yuan loans are expected to rebound in August after a decline in July, as the central bank implements measures to support economic growth during soft domestic and international demand.

9/14/2023

China Cuts Reserve Requirement to Support Economy Amid Yuan Weakness

9/14/2023

China's Slowing Growth and Falling Yuan Raise Economic Concerns

9/15/2023

China Unlikely to Pursue Yuan Devaluation Despite Economic Slowdown