March 5, 2021 | Banking
[Report] Stealth intervention: How China’s SOE banks are quietly deploying the FX surplus
The mechanisms for that FX management and deployment have remained murky over the past several months – but our reading of bank earnings reports suggests a key emerging channel for FX management is the accumulation of precious metals.
Previous report: Reviewing, but Not Revoking: Biden’s First Six Weeks of China PolicyRenminbi appreciation: what are Beijing’s options? »