China moved to support the yuan by increasing the supply of foreign currency in its local market, part of a multi-pronged effort by Beijing to restore confidence amid sluggish growth. Financial institutions will need to hold just 4% of their foreign-exchange deposits in reserve starting Sept. 15, the People’s Bank of China said Friday, compared … Read more
China intensified efforts to stimulate the economy and support its currency, as investor concerns over the growth outlook persist. The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the People’s Bank of China said Friday. The move came hours after … Read more
China’s central bank unexpectedly lowered a key interest rate in a bid to invigorate an economy beset by a deepening property slump and lackluster consumer demand. Data this week showed home prices in China fell for a second month in July, while industrial production and retail sales disappointed. After cutting rates on Tuesday by the … Read more
The US can continue to see growth even as worries over the Chinese economy mount, according to Mohamed El-Erian. “It is all about global economic growth and how much of the burden can the US continue to shoulder — because China is now a detractor to global growth,” El-Erian, the chief economic adviser at Allianz … Read more
China sought to allay fears it wants to topple the dollar as the world’s main reserve currency as Beijing makes bigger strides in creating its own digital yuan. People’s Bank of China Deputy Governor Li Bo said the goal for internationalizing its currency is not to replace the dollar, and the efforts to create a … Read more