Tag Archives: Beijings

China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing’s prior interventions have failed to stem its currency’s worst year since 1994

China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing’s prior interventions have failed to stem its currency’s worst year since 1994

Chinese President Xi Jinping.Kevin Frayer/Getty Images Reuters reported that China told state-owned banks to get ready to sell dollars and buy yuan in an effort to prop up the local currency. The move could stem the yuan’s fall, as it remains on track for its largest annual loss against the dollar since 1994. A hawkish Fed has pushed the dollar to 20-year highs this year, pressuring currencies around the world. The People’s Bank of China has told major state-run banks to prepare to shed dollar… Source link

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West shouldn’t misinterpret Beijing’s regulations: ex-Google China exec

West shouldn’t misinterpret Beijing’s regulations: ex-Google China exec

Kai-Fu Lee, CEO of Sinovation Ventures. Lino Mirgeler | Picture Alliance | Getty Images The former president of Google China warned that the West should be careful not to overstate or misinterpret the recently introduced regulations by Beijing that have hurt the likes of Alibaba, Tencent and Didi. Kai-Fu Lee, who now invests in Chinese start-ups through his venture capital firm Sinovation Ventures, told CNBC Tuesday that China is merely regulating a handful of large internet companies to ensure… Source link

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