Huge reserves, tourism collapse spare China from global dollar squeeze [Reuters]
BANK OF CHINA UNSP/ADR (BACHY)
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Source: Reuters
Huge reserves, tourism collapse spare China from global dollar squeeze * Onshore market sees tight dollar conditions, no panic * Traders, analysts see no risk of U.S. Treasury liquidation * Collapse in outbound travel gives China FX ‘buffer’ -analyst By Andrew Galbraith and Winni Zhou SHANGHAI, March 18 (Reuters) - A frenzied scramble for U.S. dollars fuelled by concerns over the deepening coronavirus pandemic has mostly passed over China, even as other global central banks roll out extraordinary funding operations. Massive foreign exchange reserves, tight capital controls and the collapse of outbound tourism due to the spread of the virus are among factors that have helped to create a buffer against dollar funding stress in the world’s second-largest economy, analysts and traders say. Market players express little concern that China will be forced to resort to extreme measures, such as dumping its U.S. Treasury holdings, to shore up its supply of dollars. “We saw some tightening in U
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