Due to expected depreciation pressure on the Renminbi, Chinese companies are hoarding US dollars to avoid exchange rate losses. Renowned Hong Kong economic commentator Luo Jiacong recently stated that in the future, the Chinese government will guide the Renminbi to depreciate significantly, unlike the gradual depreciation seen last year.
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China’s Businesses Amass USD: RMB Falls to a Five-Month Nadir, Beijing Ensnared in a Vicious Cycle
