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. 

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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 - 

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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. 

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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. 

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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 - 

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