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Foreign Media: CN State-owned Banks Buy USD in Onshore Mkt
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Chinese major nation-owned banks bought USD in the onshore market to stop RMB from appreciating too fast. USD/ CNY once rose to 7.042 today (20th), the highest since 24 May 2023, and last printed at 7.0535, according to Reuters. The RMB exchange rate appreciated by about 3% since the end of July, offsetting the decline in 1H24, as the USD fell on expectations of a US interest rate cut. The market also expected China's parliament to launch economic stimulus policies in response to the US Fed's sharp rate cuts. AAStocks Financial News |
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