Want to create an interactive transcript for this episode?
Podcast: Market Depth
Episode: China’s Pushes Yuan Aggressively Higher As Corporate Bonds Implode
Description: With the strongest daily yuan fixing since November 2022, along with state banks sustaining dollar-selling, and the adjustment of a cross border financing rule to further discourage yuan sell pressure all in combination, the People’s Bank of China was able to forcefully rally the yuan significantly higher.In addition, China's USD-denominated junk bond market sees its worst three-day plunge so far this year, as property developers Wanda Group, as well as two state-backed firms signal imminent default.Weston Nakamura ties the efforts of the PBOC to uplift the yuan with the severe volatility in China's US...