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yuan

China’s Major Banks Sell US Dollar Reserves to Prevent Yuan Decline

by Chief editor of world-today-news.com July 21, 2023

written by Chief editor of world-today-news.com

CNN Indonesia

Friday, 21 Jul 2023 06:12 WIB

Major banks in China flocked to sell US dollar reserves in order to stem the rate of decline in the yuan exchange rate. (CNN Indonesia/Safir Makki)

Jakarta, CNNIndonesia —

Bank-bank in China flocked to sell US dollars in order to stem the rate of decline in the exchange rate yuan.

To Reuterstwo sources familiar with the sell-off said the big banks were selling their dollar reserves to buy yuan on the market to keep the currency from depreciating.

This Thursday (20/7), the Central Bank of China also announced the easing of cross-border financing rules. This easing is to make it easier for their domestic companies to raise funds from overseas markets, as well as reduce pressure on the yuan.

The yuan had strengthened more than 0.7 percent to a high of 7.189 per US dollar, in yesterday’s trading.

However, so far this year the yuan has lost about 4 percent against the US dollar.

This record makes the yuan one of the worst performing Asian currencies in 2023.

(pta/sfr)

2023-07-20 23:12:19
#Chinas #Giant #Banks #Selling #Dollars #Masses #Prevent #Yuan #Falling

July 21, 2023 0 comments

Business

Analysis: Slow Recovery of China’s Economy Amidst COVID Controls and Weak Consumer Confidence

by Chief editor of world-today-news.com July 16, 2023

written by Chief editor of world-today-news.com

economist expects Chinese economy recovers slowly The Beijing government needs more stimulus plans. to support economic activities And bring back the shaky consumer confidence.

behindChinaStrong start to the year When strict COVID control measures are lifted But the latest data suggests that economic activity is declining rapidly. due to sluggish demand both domestically and internationally Including the real estate market continued to decline.

Reuters According to economists polled by Reuters, China, the world’s third-largest economy, could grow just 0.5 percent in the second quarter compared to three months earlier.

Some economists say that chinese economyslowdown due to strict COVID control measures and regulation in the sectorreal estateand technology, although the government has tried to cancel some measures to support the economy.

Data on Thursday (July 13) shows that Chinese exports fell the most in three years in June, plunging 12.4% more than expected. year on year due to slowing global demand

New home prices in June unchanged This is the weakest performance this year. The real estate sector accounts for 1 in 4 of economic activity.

The producer price index fell the fastest in seven years in June, while the consumer price index slipped to deflationary levels.

with the unstable economic situation caution in spending by households and private businesses causing people to save money and turn to pay off debt Rather than buying or reinvesting The youth unemployment rate hit a record high.

However, economists expect China’s gross domestic product (GDP) to grow 7.3 percent from a year earlier. in April-June While the first quarter grew 4.5%.

Insiders and economists say the Chinese government may introduce more stimulus measures. including fiscal spending to fund large infrastructure projects. More support for consumers and private businesses and relax some real estate policies. But analysts think the Chinese economy may not recover quickly.

senior bank officer Revealed on Friday (July 14) that central bank of chinaPolicies such as the minimum reserve ratio policy (RRR) and medium-term credit will be applied. to cope with various challenges

Analysts surveyed by Reuters expect the Bank of China to cut the minimum reserve ratio (RRR) of 0.25 percent in the third quarter, giving banks more capital. and maintain the interest rate on the loan

In June, China cut its benchmark lending rate by 0.1 percentage points, the first rate cut in 10 months.

but the Bank of China May be cautious in cutting interest rates further due to aggressive interest rate reduction measures May cause capital to flow out of troubled financial markets and put pressure onyuanwhich recently depreciated to the lowest level in 8 months

2023-07-16 07:30:00
#Chinese #economy #Q223 #grow #demand #stagnant #find #solution #urgently

July 16, 2023 0 comments

Business

Baht Depreciates Due to Political Factors: Money Manager’s Outlook and Market Analysis

by Chief editor of world-today-news.com July 14, 2023

written by Chief editor of world-today-news.com

A money manager from Bank of Ayudhya revealed that the baht closed this evening at 34.61 baht / dollar, a slight depreciation from The market opened this morning at 34.60 baht/dollar due to political factors in the country where the market is still waiting for clarity on the vote. choose the prime minister by moving against the region’s appreciation of the yuan During the day, the baht moved within the range of 34.53 – 34.69 baht/dollar.

“The baht moved against regional currencies, which appreciated along with the yuan. From political factors that are not clear about voting for the prime minister, “said the money manager.

money manager Estimates the movement of the baht on Monday at 34.55-34.75 baht / dollar.

Important Factors The yen was at 138.43 yen/dollar, from 138.00 yen/dollar this morning, the euro at 1.1231 dollars/euro, from 1.1215 this morning/euro. The SET Index closed today at 1,517.92 points, up 23.90 points. +1.60% Trading value 43,640.01 million baht Summary of trading volume by group Foreigners net buy 1,770.64 million baht (SET+MAI) Spokesman of the Bank of Thailand (BOT) reveals that the current political situation is still highly uncertain. Difficult to assess because

I don’t know when I will get a Prime Minister and form a government. The delay will affect the disbursement of the government budget for the year 2024 in

part of the disbursement of investment budget for large projects Including the inability to create new investment projects.

Permanent Secretary of the Ministry of Finance Revealing the case if the annual expenditure budget for 2024 is expected to be delayed by about 6 months.

because there is no new government The Ministry of Finance has a plan in place. Sufficient amount of money has been prepared to support business continuity.

economy

The chairman of the board of the Thai Chamber of Commerce and the Board of Trade of Thailand believes that yesterday’s vote for the prime minister was

The democratic process that the parliament has tried to go forward with its best, which Mr. Pita Limcharoenrat Candidate Prime Minister not yet

able to pass the vote the first time Which still has a 2-3 vote as it was originally scheduled to come out on July 19 and 20, 2023 after

From now on, all 8 coalition parties would go back to understand and negotiate to find a new common way again. and must continue to monitor the situation

close up

The International Monetary Fund (IMF) says China’s economy is slowing down. due to weak private investment

down while exports slowed down. and domestic demand declines After the Chinese economy made a strong performance in the first quarter after

The Chinese government announced the abolition of the zero COVID policy and opened up the country.

A senior official at the People’s Bank of China (PBOC) said the bank will use various policy tools such as protection ratios.

commercial bank reserves (RRR) and medium-term loan (MLF) programs to tackle the challenges facing China.

G7 finance ministers are scheduled to hold talks on July 16 on the sidelines of the G20 meeting in India to discuss

support ukraine Multilateral Development Bank (MDB) Reform and International Taxation

2023-07-14 10:49:44
#Thai #baht #market #conditions #closed #narrow #swings #region #market #waiting #clarity #Prime #Ministers #vote

July 14, 2023 0 comments

World

“The Rise of Yuan: China’s Currency Ousts US Dollar as Top Choice for Cross-Border Transactions in 2023”

by Chief editor of world-today-news.com April 27, 2023

written by Chief editor of world-today-news.com

CNN Indonesia

Thursday, 27 Apr 2023 18:02 WIB

The Chinese yuan finally overthrew the US dollar as the most used currency for cross-border transactions in March 2023. (Istockphoto/Dilok Klaisataporn)

Jakarta, CNNIndonesia —

chinese Currency, yuanfinally managed to eject dollar AS as the currency most widely used for cross-border transactions (cross-border) in March 2023.

This increasingly reflects the efforts of the Bamboo Curtain country to internationalize the use of yuan with sweet fruit.

Reported from Reuters, data from the State Foreign Exchange Administration noted cross-border payments and receipts in yuan rose to a record US$549.9 billion this March. This figure is higher than the previous month, which was only US$434.5 billion.

Now, the Yuan controls 48.4 percent of the use of the currency used in global transactions. Meanwhile, the US dollar had to be content with a controlling portion of 46.7 percent. The cross-border transaction volume includes current accounts and capital.

China has long promoted the use of the yuan in cross-border trade as part of efforts to internationalize the use of its currency.

Data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) showed that the share of the yuan in global currency transactions for trade financing rose to 4.5 percent in March. Meanwhile, the US dollar accounted for 83.71 percent.

The most recent country to choose the yuan as a means of cross-border transactions is Argentina. The country has committed to start paying for imports from China in yuan instead of US dollars.

In April, Argentina plans to pay US$1 billion worth of Chinese imports in yuan. Furthermore, about US$790 million of monthly imports will also be paid for in yuan. Argentina’s Economy Minister Sergio Massa said the decision was aimed at easing dollar outflows.

The decision also comes as the South American nation is battling a critical level in its dollar reserves, amid a sharp drop in agricultural exports due to the drought. Another trigger, political uncertainty ahead of this year’s elections.

In November last year, Argentina expanded its currency exchange with China by US$5 billion. This is an effort to strengthen Argentina’s foreign exchange reserves.

(mrh/pta)

2023-04-27 11:02:44
#Withdrawing #Dollar #Yuan #Currency #Ruler #World #Transactions

April 27, 2023 0 comments

Business

Limited Decline in Won/Dollar Exchange Rate in Early Trading Hours on September 25th

by Chief editor of world-today-news.com April 25, 2023

written by Chief editor of world-today-news.com

On the 25th, the won/dollar exchange rate showed a limited decline in the early trading hours.

As of 9:32 a.m. in the Seoul foreign exchange market on this day, the won-to-dollar exchange rate is 1330.8 won, down 4.0 won from the previous day. The exchange rate is moving around 1330 won after opening at 1331.5 won, down 3.3 won.

The exchange rate seems to be giving back some of the gains from the previous day, affected by the weak dollar that appeared last night. Exporters’ negotiating volume (selling dollars) at the end of the month and growing wariness of the foreign exchange authorities’ fine adjustments after breaking through the tie-in point are putting additional downward pressure on the exchange rate.

However, the extent of the decline is likely to be limited as the won has been weak recently, paying attention to sluggish exports and trade deficits.

Moon Jeong-hee, a researcher at Kookmin Bank, said, “Despite the weak dollar, the won/dollar exchange rate is hardly falling.”

At the same time, the won/yen arbitrage exchange rate is 992.73 won per 100 yen. It fell 1.42 won from the standard price (994.15 won) at 3:30 pm the previous day.

Correspondent Changhyun Lee of Hellotti |

2023-04-25 00:59:20
#wondollar #exchange #rate #starts #decline #due #weak #dollar.. #Fluctuates #won

April 25, 2023 0 comments

Business

“Korean Won to US Dollar Exchange Rate Rises on Weakening Asian Currencies”

by Chief editor of world-today-news.com April 24, 2023

written by Chief editor of world-today-news.com

On the 24th, the won/dollar exchange rate is on the rise in the early trading period.

As of 9:05 am in the Seoul foreign exchange market on this day, the won-to-dollar exchange rate is 1330.5 won, up 2.3 won from the previous trading day. After opening at 1332.5 won, up 4.3 won, the exchange rate is continuing the early trend of 1330 won.

The exchange rate is facing upward pressure as Asian currencies such as the renminbi weaken while the US tightening policy is prolonged. In particular, the weakening of the won is becoming more prominent as sluggish exports and continuing trade deficits add to geopolitical concerns.

Min Kyung-won, a researcher at Woori Bank, said, “The dollar fell over the weekend, but major Asian currencies such as the won, yuan, and Singapore dollar showed weakness reflecting concerns over additional hikes by the Federal Reserve.”

“There is a high possibility that the unfavorable atmosphere for risky currencies will be prolonged as investor sentiment in the stock market deteriorates due to concerns about fixed inflation (inflation),” he said. However, exporters’ negotiating volume (selling dollars) and the foreign exchange authorities’ wary of fine adjustments are factors that limit the rise.

At the same time, the won/yen arbitrage exchange rate is 993.76 won per 100 yen. It rose by 0.9 won from the standard price (992.86 won) at 3:30 pm on the previous trading day.

Correspondent Changhyun Lee of Hellotti |

2023-04-24 02:04:46
#Wondollar #exchange #rate #starts #rise.. #Early #flow #won #range

April 24, 2023 0 comments

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yuan

economist expects Chinese economy recovers slowly The Beijing government needs more stimulus plans. to support economic activities And bring back the shaky consumer confidence.

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