Huge reserves, tourism collapse spare China from global dollar squeeze
Share:
SHANGHAI (Reuters) - A frenzied global scramble for U.S. dollars fuelled by concerns over the deepening coronavirus pandemic has mostly passed over China, even as other 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..