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Search resuls for: "Reserve Monetary"


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☆ Exclusive: China FX regulator surveys banks about positioning as yuan plunges
  + stars: | 2022-10-25 | by ( ) www.reuters.com   time to read: +3 min
"The FX regulator asked (us) about our market views and our positioning," said one of the sources. Two of the sources said the State Administration of Foreign Exchange (SAFE) made it clear the survey was urgent. "Foreign exchange reserves are at a critical level, and some market participants are betting that the authorities will eventually intervene." China's foreign exchange reserves now stand at just above the closely watched $3 trillion level. "China is likely to protect the reserves this time round as the Congress emphasizes that foreign exchange reserves are an indicator of comprehensive national strength," said ANZ's Xing.
☆ EXCLUSIVE China FX regulator surveys banks about positioning as yuan plunges - sources
  + stars: | 2022-10-25 | by ( ) www.reuters.com   time to read: +3 min
"The FX regulator asked (us) about our market views and our positioning," said one of the sources. Two of the sources said the State Administration of Foreign Exchange (SAFE) made it clear the survey was urgent. "Foreign exchange reserves are at a critical level, and some market participants are betting that the authorities will eventually intervene." China's foreign exchange reserves now stand at just above the closely watched $3 trillion level. "China is likely to protect the reserves this time round as the Congress emphasizes that foreign exchange reserves are an indicator of comprehensive national strength," said ANZ's Xing.
☆ Exclusive: China's state banks told to stock up for yuan intervention
  + stars: | 2022-09-29 | by ( Julie Zhu | ) www.reuters.com   time to read: +3 min
China's offshore yuan immediately bounced about 200 pips after Reuters' story before last trading at 7.1849 per dollar as of 0935 GMT. The offshore yuan moves in lock-step with the onshore unit, but its trading volumes account for about 70% of all yuan FX trades globally, dwarfing the volumes traded on the mainland. Chinese authorities have intervened in the past in the offshore yuan market to steer the yuan. Sources said the intervention plan involved using state lenders' dollar reserves primarily. Earlier this week, Chinese monetary authorities told local banks to revive a yuan fixing tool it abandoned two years ago as they sought to steer and defend the weakening currency.
☆ China's yuan unlikely to continue rapid depreciation -state media
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +2 min
SHANGHAI, Sept 29 (Reuters) - China's yuan is unlikely to continue depreciating rapidly, the state-owned Securities Times said in a front-page commentary on Thursday, as currencies continue to be pressured by a U.S. dollar boosted by hawkish Federal Reserve monetary tightening. Prudent balance of payments has lent support and led somewhat "restrained" losses in the yuan compared with peers, the newspaper said. Register now for FREE unlimited access to Reuters.com RegisterMarket participants usually view such state media commentary as indicative of authorities growing uncomfortable with rapid currency movement. The People's Bank of China on Wednesday said stabilising the yuan is a top priority and warned market participants against making heavy one-way bets on the currency. Register now for FREE unlimited access to Reuters.com RegisterReporting by Winni Zhou and Brenda Goh; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
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