Forget the dollar – China has its hands full propping up the yuan against 23 other currencies, report says

China’s central bank has been propping up the yuan against almost two dozen countries for the past month, indicating that its interventions are far broader than previously known, Bloomberg reported.

The People’s Bank of China has supported the currency against the yen, euro and sterling since mid-August, per the outlet.

Although the yuan has dipped about 2% against the dollar since the end of July, it’s gained about 1.2% on a trade-weighted basket of foreign currencies in the same period, according to Bloomberg.

Source: Business Insider