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Chinese Exporters Stockpile Dollars (WSJ)
Companies hold onto U.S. currency as outlook for yuan appreciation dims.
Chinese exporters are starting to stockpile dollars because they don’t expect the yuan to appreciate much more, according to an article in the Wall Street Journal. In the past, companies typically converted the dollars they took in into yuan as quickly as possible. Companies’ switch to hoarding dollars means banks have less foreign currency in reserve.
For the full Wall Street Journal story.