China News by Thebittimes.Com

The new BRICS member Argentina paid the Chinese Yuan to settle an IMF payment and not the US dollar. Argentina has a shortage of the US dollar in reserves as the currency supply remains scarce in the country. Therefore, the Central Bank of Argentina resorted to paying a large sum to the payment to IMF in the Chinese Yuan and partly in the US dollar. Also Read: BRICS Advancing To Create Non-US Dollar Oil Trade BRICS member Argentina paid part of the $2.6 billion to the IMF in the Chinese Yuan and not the US dollar, reported Reuters. Argentina completed the October payment with IMF’s reserve assets, which is called the special-drawing rights (SDR). In addition, the day-to-day foreign exchange transactions in the Chinese Yuan also rose to 28% in Argentina. BRICS: Chinese Yuan Gains As US Dollar Remains Scarce In Argentina Source: Reuters The development indicates that BRICS countries are taking the de-dollarization initiatives seriously. BRICS is putting forward the C...

The Chinese yuan’s offshore exchange rate against the U.S. dollar fell to a new all-time low of 7.33:1 just over a day after the conclusion of the Chinese Communist Party’s congress which gave President Xi Jinping the mandate to lead the country for the third time. Concerns over Xi’s unprecedented third term, as well as the reshuffle of his top team, are said to have sparked a sell-off of stocks that wiped billions from the wealth of China’s super rich. Chinese Yuan Has Depreciated by 7% Since Late August The Chinese currency’s offshore exchange rate versus the U.S. dollar tapped a new all-time low of CN¥7.33:$1 when it fell by 1.5% some 24 hours after the conclusion of the Chinese Communist Party (CCP)’s congress. According to one report, the currency slipped because the CCP congress, which endorsed President Xi Jinping’s bid to lead the country for an unprecedented third term, did not ease investor concerns over the well-being of the world’s second-la...