Currencies

Breaking News | China | News

China state banks seen selling US dollars to prop up yuan – sources
ByMichael Armstrong July 26, 2023

SHANGHAI/BEIJING, July 25 (Reuters) – China’s major state-owned banks were seen selling U.S. dollars to buy yuan in both onshore and offshore spot markets in early Asian trade on Tuesday, three people with direct knowledge of the matter said, moves aimed at supporting the Chinese currency. China’s state banks usually trade on behalf of the…

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European Union | News

Turkey’s Currency Crisis: What Happened, What’s Next, Why It Matters
ByMichael Armstrong August 10, 2018August 12, 2018

Turkey’s political and economic crisis has sent its currency tumbling to a record low against the U.S. dollar Friday and unsettled investors amid fears that the contagion may spread from the small southern European economy into financial markets around the world. So what’s going on in Turkey, and why are its problems triggering such a significant reaction from…

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