BRICS Speeds Up Dollar Selling, Chinese Firms Offload $51.8 Billion
Chinese banks have helped clients offload overseas currencies worth $51.8 billion, the highest since 2020. BRICS member China is at the forefront of the US dollar sell-off, as optimism grows towards the Chinese yuan, reported Bloomberg. The lenders have sold a net $51.8 billion of foreign exchange on behalf of their customers in September. That’s the largest amount ever recorded since December 2020. The clients include importers, exporters, and other investors in overseas financial assets. The chart below shows a spike in currency conversion amid robust export growth in September. The move helped offset an outflow from securities investment, as foreign institutions continued to cut onshore bond holdings. BRICS member China and the Chinese yuan are gaining an upper hand against the US dollar amid trade tensions. Also Read: Sergey Lavrov Says West Can’t Be Trusted, Looks to BRICS for Support Source: Bloomberg Chinese Firms Dump US Dollar For Chinese Yuan, Giving BRICS a Boost in the...