People's Bank of China

Serious Concerns Over Yuan in China

The largest Chinese state banks were busy this week selling US dollars for yuan, both in onshore and offshore foreign exchange markets, to slow down the depreciation of the yuan. While they also trade on their own behalf or to fulfill client orders, state banks often act on the central bank's instructions when the yuan is under pressure, as is the case currently.

China cuts two benchmark rates to prop up economy

China's Central Bank yesterday cut two benchmark interest rates, following several similar measures in recent days in a bid to counter the post-COVID growth slowdown in the world's second-largest economy.

Last week, the People's Bank of China (PBoC) lowered two other key rates and pumped billions into financial markets, as fresh data showed the economy continued to struggle.

China's exports fall 7.5 pct in May

China's exports fell in May for the first time since February, data showed yesterday, breaking a two-month growth streak as a post-Covid rebound faded and adding to speculation that officials will unveil fresh stimulus measures.

Rising global inflation, the threat of recession elsewhere and geopolitical tensions with the United States have weakened demand for Chinese products.

China economic data miss expectations

China's economic data for April missed expectations last month, official figures showed yesterday, as low demand and high youth unemployment led to a patchy recovery after lifting strict COVID rules.    

Retail sales - a key indicator of domestic consumer activity -- grew 18.4 percent on-year, data released by the National Bureau of Statistics (NBS) showed.    

China retains central bank chief

China retained its central bank chief on Feb. 12 in a surprise move, as the country appointed a cabinet focused on fighting economic headwinds.

Yi Gang was confirmed as governor of the People's Bank of China at a meeting of China's rubber-stamp national legislature, against expectations that retirement-age Yi would step down.

Ankara in talks with four countries for swap deals

The Turkish Lira cheered Central Bank Governor Şahap Kavcıoğlu's announcement late on June 22 that the country was in talks to secure currency swap agreements with four countries and was close to a deal with two of them.

Kavcıoğlu's remarks came during a meeting with bank executives, according to media reports.

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