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China’s yuan slips against US dollar after Beijing taps financial tools to cool exchange rate

Summary:
[unable to retrieve full-text content]China dug deeper into its bag of tricks this week to slow the rise of the yuan against the US dollar, but it faces an uphill battle as the American currency weakens and money pours into the country following its strong post-pandemic recovery.On Tuesday, the government granted new quotas to domestic financial institutions allowing them to invest overseas under the Qualified Domestic Institutional Investor (QDII) programme.The State Administration of Foreign Exchange (SAFE), the nation’s foreign…

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[unable to retrieve full-text content]
China dug deeper into its bag of tricks this week to slow the rise of the yuan against the US dollar, but it faces an uphill battle as the American currency weakens and money pours into the country following its strong post-pandemic recovery.On Tuesday, the government granted new quotas to domestic financial institutions allowing them to invest overseas under the Qualified Domestic Institutional Investor (QDII) programme.The State Administration of Foreign Exchange (SAFE), the nation’s foreign…

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