Dollar Demand in China Signals Yuan Confidence Still Weak: ChartBloomberg News
China’s effort to boost confidence in the yuan is falling short of the goal, as people hoard dollars, euros and yen. Companies and individuals bought $33.6 billion worth of foreign currencies from banks more than they sold to them in March, the ninth straight deficit, even as the country had a trade surplus of $30 billion that month. The People’s Bank of China has kept yuan fixings stable against the greenback and tightened controls on capital outflows to help convince companies and individuals to keep money at home.
— With assistance by Xiaoqing Pi, Ran Li, and Lee Miller