China s state banks were heavy
sellers of dollars on Wednesday, three people with direct
knowledge of their activity said, steadying the yuan as it came
under pressure in currency trade. .
State banks often act on behalf of China's central bank in the foreign exchange market, but they could also trade on their own behalf or execute clients' orders. One of the people said the selling was "very forceful" to defend the yuan at around 7.1820 per dollar in the onshore spot market. The state bank actions come as the yuan faces renewed downside pressure from foreigners' rush out of China's sinking equity markets and a globally resurgent U.S. dollar.
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China s major
state-owned banks moved to tighten yuan liquidity in the
offshore foreign exchange market on Monday, actively selling
U.S. dollars onshore, four sources with knowledge of the. -January 22, 2024 at 03:38 am EST
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