Former People’s Bank of China governor Zhou Xiaochuan. Photo: Simon Song

China’s yuan dropping below 7 to the US dollar is no longer ‘forbidden zone’, analysts say

  • Former People’s Bank of China governor Zhou Xiaochuan dismissed the importance of keeping the yuan above 7 to the US dollar last week
  • The yuan has stabilised in recent weeks as authorities voiced support for the currency, but weakened by 0.1 per cent to 6.9075 per US dollar on Tuesday
Topic |   China economy

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Former People’s Bank of China governor Zhou Xiaochuan. Photo: Simon Song
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Chinese authorities have kept foreign reserves stable at around US$3.1 trillion since burning through almost US$1 trillion between mid-2014 and 2017 to defend the yuan. Photo: Bloomberg

Does China have enough US dollars to survive the US trade war?

  • China’s US$3.1 trillion in foreign exchange reserves may not be sufficient to support a crisis in the economy, analysts say
  • Authorities have kept foreign reserves stable at around US$3.1 trillion since burning through almost US$1 trillion between mid-2014 and 2017 to defend the yuan
Topic |   US-China trade war

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Chinese authorities have kept foreign reserves stable at around US$3.1 trillion since burning through almost US$1 trillion between mid-2014 and 2017 to defend the yuan. Photo: Bloomberg
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