Home Major state owned banks seen supporting the Yuan: Sources – Reuters

Major state owned banks seen supporting the Yuan: Sources – Reuters

Published date: 3 Jul. 2018 | 05:06

The major state-owned banks in China are seen swapping Yuan for US dollars in forwards market and are immediately selling them into the spot market, supporting the Yuan, sources told Reuters.

As of writing, USD/CNY is trading at 6.6977 vs the daily high of 6.7168. So, the Yuan sell-off seems to have stalled, courtesy of FX intervention by state-owned banks.

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