China's central bank will use foreign exchange intervention and monetary po...
SHANGHAI/BEIJING - China’s central bank will use foreign exchange intervention and monetary policy tools to stop the yuan weakening past the key 7-per-dollar level in the near-term, three people familiar with the central bank’s thinking said.
It has weakened 3 percent in the past month on fading hopes of a deal being struck in the long-running trade war between Beijing and Washington. The latest flare-up in those tensions saw U.S. President Donald Trump increase tariffs on Chinese imports, provoking a similar tariff rise from China. The stakes are much higher now, said Bryan Carter, head of emerging market fixed income at BNP Paribas Asset Management in London.
While China primarily used direct dollar-selling intervention in 2015, it switched to more unconventional methods such as tightening yuan funding costs and using swaps as the currency fell in 2018.
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