The Chinese Are Converting Their Cash to U.S. Dollars

Karen Chou, a 32-year-old bank worker in Beijing, had a New Year’s resolution: sell yuan, buy dollars.

“I’m not optimistic about China’s economy,” she said, after rushing to exchange some of her savings for U.S. currency as part of heightened demand at some Chinese bank branches in the first weeks of 2016.

Chou first made her call on the yuan after a surprise devaluation in August last year. Renewed dollar purchases by the likes of Chou highlight China’s struggle to restore confidence in the currency—and further swell a record build-up of foreign-currency holdings by Chinese citizens.

Bloomberg News

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