China's cycle of dollar hoarding and weakening yuan gets vicious [Reuters]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Reuters
exacerbating a slide in the yuan that has been driven by wobbly stock markets and feeble growth in the world's second largest economy. This feedback loop has been playing out for months in mainland currency markets, spurred on by the dollar's rising yield. Foreign exchange deposits have climbed $53.7 billion since September to $832.6 billion, People's Bank of China (PBOC) data shows. Analysts say one of two things needs to happen to end the downward spiral: the Federal Reserve needs to make deep rate cuts or the yuan needs to hit some form of a trough. Both seem distant. China's yuan is at five-month lows and has lost 1.9% to the dollar this year as foreign investors pull more money out of its struggling markets. The currency has fallen from around 6.7 per dollar at the start of 2023 to around 7.24 currently, a 5% drop. Regular inflows from domestic exporters have dried up, as businesses choose to park their dollars offshore in deposits that earn them 6%, compared to 1.5% on y
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