China’s banks are bursting with dollars, and that’s a worry

Published by
Reuters

By Winni Zhou and Tom Westbrook SHANGHAI/SINGAPORE (Reuters) – A mountain of dollars on deposit in China has grown so large that banks are struggling to loan the currency and traders say it poses a risk to official efforts to control a fast-rising yuan. Boosted by surging export receipts and investment flows, the value of foreign cash deposits in China’s banks leapt above $1 trillion for the first time in April, official data shows A previous jump, late in 2017, preceded heavy dollar selling which turbocharged a steep yuan rally in early 2018. Market participants say the size of the even bigge…

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