SHANGHAI :China's major state-owned banks have been active in the currency market this week, buying the yuan and helping hasten its recovery against a broadly weaker U.S. dollar, two sources told Reuters on Tuesday.The big banks, which sometimes act on behalf of Chinese monetary authorities, have in the past
SHANGHAI (Reuters) -China's major state-owned banks have been active in the currency market this week, buying the yuan and helping hasten its recovery against a broadly weaker U.S. dollar, two sources told Reuters on Tuesday. The big banks, which sometimes act on behalf of Chinese monetary authorities, have in the past year often sold dollars to slow the yuan's decline. The yuan has gained 2% in the past week, to stand at levels of around 7.13 to the dollar - its highest in nearly four months.
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