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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. ....
China's major state-owned banks were seen swapping yuan for U.S. dollars in the onshore swap market and selling those dollars in the spot market to support the yuan on Tuesday, two sources with knowledge of the matter said. The state bank actions come at a time the Chinese yuan strengthened 2.55% to the dollar in November for the best month this year. The sources said they believed the state bank moves were aimed at accelerating the yuan's recovery and encouraging domestic exporters to settle their foreign exchange receipts into the local currency towards the year-end. ....
FENTON, Mich., Aug. 26, 2022 (GLOBE NEWSWIRE) Fentura Financial, Inc. and The State Bank are excited to announce the appointment of three new Board of. ....
FENTON, Mich., Dec. 01, 2021 (GLOBE NEWSWIRE) Fentura Financial, Inc. (OTCQX: FETM), the holding company for The State Bank, announced today it has. ....