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24 October 2022 | Other

Yuan falls despite attempts of the Chinese authorities to support the national currency

USDCNY

Despite large state-owned banks’ attempts to stabilize the market, the Chinese yuan has hit record lows against the dollar.

Sources tell Reuters that state-owned banks were selling dollars on the domestic foreign exchange market to avoid the spot price weakening below 7.25 per dollar level.

Despite attempts by banks to avoid weakening the spot price, the yuan finished its domestic trading session at a low.

According to traders, the yuan's weakness could persist, reflecting the dollar's strength. PRC’s current currency remains weak as Federal Reserve officials show no signs of abandoning their hawkish rhetoric about raising rates as Chinese politicians try to support a weakening economy.



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