The onshore Chinese yuan jumped by 648 basis points against the greenback to the highest in over one week on Monday as the US dollar fell amid heightened expectations that the US Federal Reserve will be less aggressive with monetary policy after the collapse of the Silicon Valley Bank.
China’s foreign exchange reserves fell to $3.13 trillion in February, according to data released by the PBOC, a decrease of $51.3 billion
China’s foreign exchange reserves stood at $3.184 trillion in January, according to data released by the State Administration of Foreign Exchanges, rising by$56.8 billion from $3.128 trillion in the previous month.
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China will extend the trading hour in the interbank foreign exchange market to 3 am (1900 GMT) from 11:30 pm (1530 GMT), the People’s Bank of China said in a statement.
Russia will only buy yuan to replenish the National Wealth Fund instead of other currencies, said Finance Minister Anton Siluanov on Tuesday.
The Shanghai branch of the People’s Bank of China (PBOC) has launched a pilot program in the city’s Pilot Free Trade Zone to allow companies to combine yuan and foreign currencies accounts into one.
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