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China s major state-owned banks have been buying the yuan and assisting its recovery against a weaker U.S. dollar, according to two sources. The banks, which act on behalf of Chinese monetary authorities, have previously sold dollars to slow the yuan s decline. The yuan has gained 2% in the past week, reaching levels of around 7.13 to the dollar, its highest in nearly four months.
China Property Crisis: The People s Bank of China would inject funds in phases through policy banks with the money ultimately trickling down to households for home purchases, the people said, asking not to be identified discussing a private matter.