BRICS: China Aggressively Dumps US Dollars For 3 Days Straight
BRICS member China is yet again dumping US dollars in the global currency markets to protect the Chinese Yuan. The Chinese state-run banks offloaded US dollars in the spot foreign exchange markets for three consecutive days on Monday, Tuesday, and Wednesday this week. Chinese banks resorted to dumping US dollars after rating agency Moody’s cut China’s outlook to negative. The ratings affect the Chinese Yuan’s prospects and could make the currency weaker in the global markets. Also Read: BRICS : 150 Countries To Pay Chinese Yuan , Not USD for Loan Repayment? BRICS: China Resorts To Dump US Dollar’s To Protect Chinese Yuan Source: iStock After Moody’s ratings, the Chinese state-run banks stepped up their game by aggressively selling US dollars in the forex markets. Chinese banks were selling the US dollars and immediately buying the Chinese Yuan for three days straight. The move is aimed at tilting the Chinese Yuan into a favorable position against the ...