Fact check: Did China cancel the US Dollar peg at the stock market?

The ongoing coronavirus pandemic has also brought upon various challenges across the globe related to finance and economics. A number of countries are facing economic problems due to the coronavirus outbreak and thus are resorting to various methods to ensure that their economies remain stable through and after the pandemic is over. But amid these trying times, people haven't stopped from sharing fake news on the internet which could, in fact, lead to harmful consequences for the end-readers. Also read: Fact Check: Famous martial artist & beloved actor Chuck Norris succumbs to Covid at 77? No Claim Various viral messages on social media were claiming that 'China cancels Dollar peg', 'China cancels Dollar peg in stock market' or 'China delinks Dollar'. The messages claimed furthermore that 'China delinks Dollar to operate effectively in Yuan at the stock market'. The message stated that China has taken this step to fuel economic warfare against the USA. Check out the message below - Also read: Fact check: Did Pentagon confirm UFO sightings and release videos of them? Rating - False It is reported that China will be considering to re-peg their exchange rate against the US dollar. This decision will be undertaken in order to avert any financial crisis that the country might face as an aftermath of the coronavirus outbreak. But, no news about China exempting the US dollar from the stock market have been made public by the official sources in China. The official website of China's central bank also does not showcase any such disclaimer of notice about China cancelling the US dollar peg. Also read: Fact check: Is Wibs bread company sealed after worker tested positive for COVID-19? Origin Ever since the coronavirus outbreak has spread across the globe, various fake stories surrounding China have made their way to the internet. The fake news in-general spread hate against the country while making blatantly false claims and defaming China. The viral message in-question was first shared on WhatsApp and later also went viral on various social media platforms. Also read: Fact Check: Did Labour Ministry request employers to not sack employees amid COVID-19? Google Trends analysis As stories about China cancelling the dollar peg went viral on the internet, people took to Google and searched about the same. This resulted in a surge of search results about topics like 'China cancels dollar peg in stock market' and 'China cancels dollar peg'. Check it out below - Also read: Fact Check: Did the Philippines police shoot a man dead at COVID-19 checkpoint?

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Fact check: Did China cancel the US Dollar peg at the stock market?

Fact check: Rumours about China cancelling the US dollar peg have been proven false. Read below to know what the rumour was trying to propagate.

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