Tag: #yuan
-
Yuan overtakes US dollar, becomes most-used currency in cross-border transactions
SHANGHAI: Chinese Yuan becomes the most-used currency in cross-border transactions leaving behind the US dollar, according to official data. According to a Reuters report, in March, the Chinese yuan became one of the most widely-used currencies for cross-border transactions in China leaving behind the US dollar for the first time in history. According to official…
-
Yuan jumps after report Saudis considering its use in oil deals
The Chinese yuan reversed earlier declines and jumped toward its highs of the day following a report by Dow Jones that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in the currency.
-
China soon to launch its sovereign digital currency
Beijing, 4th May: China is set to start the major trial of its first state-run digital currency in four major cities from next week. According to the report of Baaghi TV, China’s Central Bank has stepped up its development of the e-RMB, which is supposed to be the first digital currency operated by a major…
-
Yuan replaces Dollar as world’s reserve currency: IMF
Lahore, 5th April: The IMF has officially green-lighted the acceptance of China’s currency – the Yuan – into the IMF’s foreign exchange basket. According to Reuters, this move paves the way for the IMF to place the yuan on a par with the US dollar. This is the latest in a series of global developments…
-
Chinese Yuan strengthens last week
BEIJING, Nov 4 (XINHUA/APP): China’s yuan strengthened against a basket of currencies last week, according to the China Foreign Exchange Trade System (CFETS). The CFETS yuan exchange rate composite index, which measures the yuan’s strength relative to a basket of currencies, came in at 91.18 on Nov. 1, up 0.26 points from a week earlier,…
-
China’s central bank skips reverse repos for 2nd day
BEIJING, Sep 30 (XINHUA/APP):China’s central bank skipped reverse repos for a second day in a row on Monday, citing abundant liquidity on the market. The overall liquidity in the banking system is on a relatively high level due to increased fiscal expenditures near the end of the quarter, the People’s Bank of China said on…
-
Central bank drains 100 bln yuan from market
Beijing, Sep 26 (Xinhua/APP):China’s central bank drained 100 billion yuan (about 14.1 billion U.S. dollars) from the financial system on Thursday, with more reverse repos maturing than conducted. The People’s Bank of China (PBOC) injected a total of 20 billion yuan into the market through 14-day reverse repos at the interest rate of 2.7 percent,…
-
Guizhou to invest 20 bln yuan to step up 5G construction
GUIYANG, Sep 19 (XINHUA/APP):A total of 20 billion yuan (about 2.82 billion U.S. dollars) will be invested in 5G construction from 2019 to 2022 in southwest China’s Guizhou Province, the provincial government said Wednesday. According to a 5G development plan released by the provincial government, the number of 5G base stations in the province will…
-
China further weakens yuan rate as currency row simmers
Shanghai, Aug 7 (AFP/APP):China’s currency weakened further against the dollar as the central bank lowered the yuan’s daily reference rate again amid a deepening currency row between Beijing and Washington. The People’s Bank of China on Wednesday fixed the yuan’s central parity rate at 6.9996 per US dollar, weaker than the level set on…