The People's Bank of China (PBOC) has released new data indicating a rise in foreign exchange (FX) deposits from US$779 billion to $833 billion within just a month.
The People's Bank of China has released new data indicating a rise in foreign exchange deposits from US$779 billion to $833 billion within just a month. This increase signals that mainland companies are showing reluctance to convert their foreign-exchange earnings into yuan. A key contributing factor to this hesitancy is the higher offshore interest rates, which are negatively impacting the yuan's value.
This sustained demand for US assets undermines broader de-dollarization efforts by BRICS nations. Furthermore, US President Joe Biden's policies targeting China's tech industry and the weaponization of the dollar to retaliate against Russia's invasion of Ukraine have only intensified global economic tensions. Germany's Finance Minister Christian Lindner has warned that freezing Russian assets could undermine international financial stability.
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