China’s foreign exchange reserves fell 0.75% in June, official data showed, as valuation changes linked to currencies and asset prices reduced the reported dollar value of reserve holdings. The State Administration of Foreign Exchange said reserves stood at $3.4163 trillion
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BEIJING: China has outlined a renewed push to expand the global role of the renminbi, also known as the yuan, alongside new measures aimed at strengthening cross-border settlement channels and building financial infrastructure in Shanghai. In an essay published by
The yuan has hit new record lows against the surging US dollar, with the internationally-traded yuan reaching its lowest point since 2011 and China’s domestic currency hitting its weakest level since the 2008 global financial crisis. This depreciation comes as