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Fairly standard central bank activity, nothing unusual in and of itself.
Except China is normally devaluing it's currency to keep exports competitive, this is the opposite
Sure, it's been a while since China had to protect its currency from negative pressure, and it's in reuters because it's a clear market signal. However a softening economy isn't unusual generally, just a first in decades for China.
It's as much a sign that as a country they're maturing past the developing country growth wave they've been on, and hitting the cycles that developed nations need to manage. Couple that with a trade war with the US slowing down key parts of the economy and it's notable but not surprising.
Those predicting a wholesale economic collapse will however be just as disappointed as they were 12months ago when predicting a real estate lead crash.
During recent weeks, market watchers say the Chinese authorities have sought to slow the yuan's decline, with the PBOC persistently setting a stronger-than-expected fixing, and state banks repeatedly selling dollars.
this post was submitted on 17 Aug 2023
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