China’s major state-owned banks were reportedly engaged in the sale of U.S. dollars in the onshore foreign exchange market for the second consecutive day, aiming to bolster the yuan. This move followed Moody’s downgrade of China’s government credit ratings from stable to negative, putting renewed pressure on the yuan’s value. To counteract potential depreciation, state … Continue reading China’s State Banks Take Action to Stabilize Yuan Amid Moody’s Downgrade and Exporter Dynamics