Exclusive: China’s state banks selling dollars offshore to slow yuan declines, sources say

exclusive:-china’s-state-banks-selling-dollars-offshore-to-slow-yuan-declines,-sources-say
Exclusive: China’s state banks selling dollars offshore to slow yuan declines, sources say

China’s major state-owned banks were observed engaging in dollar sales to purchase yuan in the offshore spot market during early Asian trades on Thursday, according to two individuals familiar with the matter. The purpose of this state bank dollar selling was to slow down the rate at which the yuan was declining, as stated by one of the sources. Additionally, China’s central bank announced a relaxation of a cross-border financing rule on Thursday, which would facilitate domestic firms in raising funds from overseas markets and alleviate the depreciation pressure on the yuan currency. As of 0249 GMT, the offshore yuan experienced a gain of over 0.7% against the dollar, reaching a high of 7.1812 per dollar before settling at 7.1890. Similarly, the onshore market witnessed a comparable upward bounce in the yuan’s value. However, the yuan remains down approximately 4% against the dollar year-to-date, positioning it as one of the weakest performing Asian currencies for 2023. The article was reported by the Shanghai Newsroom and edited by Shri Navaratnam, adhering to The Thomson RushHourDaily Trust Principles.

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