Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Shanghai-Based Robot Developer Closes $46 Million Funding Round
Trending in China: Top Broadcast Exec Questions if Esports Are Really a Sport – Cue Heated Debate
Chinese Video Streamer iQiyi Targets U.S. Market With Animation on Nickelodeon
Chinese Majority Owned Lotus Announce EV Sports Car Venture With Renault’s Alpine
Chinese New Film Materials Maker HIUV on Track to Raise $227m in STAR Market IPO
Jordan Slam Dunks on Copycat Chinese Sportswear Brand Forcing Them to Change Their Name
Trending in China: Will ‘Chinese Baijiu’ Name Change Propel It To Global Dominance?
EHang Pioneers Self-Flying Drones for Tourists in Greater Bay Area City
TCL Squashes Rumours it is Withdrawing From North America Amid Empty Shelves
Chinese PE Fund Manager CICC Capital Secures $649m Second Close of Biomedicine Fund
WeRide Receives $310 Million as Beijing Opens Highways to Autonomous Car Tests
China’s Orchid Asia Leads Funding in Delivery Platform Fantuan, Edtech Startup Ivydad
U.S.-Listed Video Streamer Bilibili Files for Secondary Listing in Hong Kong, CNBC Reports
Dining Delivery Pay Dispute Leads Man to Set Himself on Fire
PayPal Becomes First Foreign Company to Offer Digital Payments in China
Tesla Rival Xpeng Motors Into New Year Fueled By New Credit Line
China’s Smartphone Shipments Fall Nearly 13% in December Amid Virus Flare-Up
Trending in China: Weibo Fails to See the ‘Funny Side’ of Sexual Harassment
Luxury Retailer Secoo Looks to Join Exodus of Chinese Companies from U.S. Stock Exchanges
Chinese Biotech Firm VISEN Raises $150m Led by Sequoia Capital China
China Seeks to Stabilize Yuan by Selling Bills in Hong Kong

By Guo Yingzhe / Aug 06, 2019 02:44 PM / Economy

Photo: IC Photo

Photo: IC Photo

China’s central bank said Tuesday that it will sell yuan-dominated bills worth 30 billion yuan ($4.26 billion) in Hong Kong next week, which is seen as the latest move to stabilize the yuan as it weakened to an 11-year low on Monday amid escalating trade tensions.

The issuance of central bank bills can help absorb yuan funds in the offshore market and thus reduce the amount of yuan commercial banks have available to lend. This helps push up short-term interest rates and the cost of shorting the yuan.

On Monday, the U.S. Department of the Treasury named China a currency manipulator for the first time in more than two decades, after the yuan — both offshore and onshore — weakened past the psychologically important 7-per-dollar mark.

The plunge in the Chinese currency was partly due to its daily reference rate, which the People’s Bank of China (PBOC) set at 6.9225 per dollar for Monday, the weakest since December.

A weakened yuan could increase China’s export price competitiveness. But PBOC Governor Yi Gang said Monday that China won’t use the yuan’s exchange rate “as an instrument in dealing with trade disputes or other external disruptions.”

The renewed flare-up between the world’s two largest economies came as U.S. President Donald Trump threatened in a tweet on Thursday to impose an additional 10% tariff on another $300 billion of Chinese goods.

Read the full story on Caixin Global later today.

Contact reporter Guo Yingzhe (

Related: U.S. Labels China Currency Manipulator as Trade War Escalates

Share this article
Open WeChat and scan the QR code