The People's Bank of China said on Tuesday that it will issue yuan-denominated bills in Hong Kong recently, only days after it sold 20 billion yuan bills in the city last week, in a move to support the currency as it's approaching the psychologically critical line of 7 per dollar.
Traders say bill issuance in the offshore market is only one part of the strategy to prop up the yuan. There are anther two parts: counter-cyclical . . .
To continue reading, please subscribe. You will get
- ORIGINAL & IN-DEPTH reporting about key trends in China's economy and financial markets
- THE WIRE 7*24 - up-to-the-minute updates, with details and data you won't find elsewhere.
- DAILY BRIEF - daily newsletter to give you a quick overview of the most important business news every day.
- QUALITY MATTERS. We provide quality information to help intelligent and professional readers make informed decisions.
GRAB THE MID-YEAR SPECIAL OFFER !
SUBSCRIBE AT $0.5 A DAY!
Contact us for group subscriptions: firstname.lastname@example.org
We highly value independence. We are solely funded by subscriptions from intelligent readers like you. Not ready for our full service? Try Free Weekly Newsletter first.
Already have an account? Sign In