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Chinese exporters are increasingly holding onto US dollars rather than converting them to yuan, a practice known as the yuan carry trade. This trend, driven by higher US interest rates, is causing concerns about the yuan’s value and could potentially lead to economic instability in China.
The People’s Bank of China (PBOC) is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range around a central reference rate.