China's State Banks Seen Selling Dollars for Yuan in London and New York hours
KONTAN.CO.ID - SHANGHAI - China's major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to slow the yuan's depreciation.
Though they also trade on their own behalf or execute clients' orders, state banks often act at the behest of the central bank when the yuan is under pressure, as it is now.
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