CCB has instructed major state-owned banks to cut back on U.S. dollar purchases

China’s central bank has instructed major state-owned banks to cut back on U.S. dollar purchases, signaling a shift in strategy.

This move comes as the U.S. dollar hits its strongest point against the yuan since 2007.

As one of the world's largest holders of foreign reserves, China aims to reduce global demand for the dollar, hoping other nations follow suit or that it can diversify into other currencies.

China will not tolerate a sharp decline in the yuan.

The real economic war is about to begin.

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