China's $120bn effort to prop up the yuan

  • China's FX regulator, SAFE, stabilizing the exchange rate.

China's FX regulator is the State Administration of Foreign Exchange (SAFE).

They've published data for year-to-date sales of foreign currency by commercial banks

  • 121.3bn net FX sold January - September

SAFE adds:

  • yuan exchange is basiclly stable at reasonable and balanced levels
  • FX mkt shows relatively strong resilience
Head of China's forex regulator, the State Administration of Foreign Exchange (SAFE)

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