The Chinese authorities are reportedly striving to shore up the yuan China has told state-run financial institutions to prepare to sell off their dollar holdings while stocking up on offshore yuan, as Beijing tries to bolster the national currency, Reuters reported on Thursday, citing sources with knowledge of the matter. The simultaneous dumping of the US dollar and purchasing of the yuan are expected to avoid further drops in the Chinese currency, which is currently on track for the biggest annual loss versus the greenback in nearly three decades. So far this year, the yuan has dropped over 11% against the dolla
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