China’s Central Bank dumped the US dollar in the currency market for three consecutive days in December this month. The Chinese state-run banks sold US dollars in the spot foreign exchange as retaliation to Moody’s negative rating on the Yuan. The rating agency Moody’s cut the Chinese Yuan’s outlook to negative and China did not take the move lightly. BRICS member China resorted to offloading the US dollar in an attempt to keep the Chinese Yuan from falling.
Also Read: BRICS: 150 Countries To Pay Chinese Yuan, Not USD for Loan Repayment?
The BRICS country China sold US dollars in the currency market for three consecutive days from December 5 to 8. While China dumped the US dollar aggressively on Monday and Tuesday, Wednesday’s sell-off was mild, reported Reuters.
The state-run banks were seen purchasing the Chinese Yuan immediately after dumping the US dollar in the…
