China’s biggest banks offloading dollars – Reuters ...News

The action was reportedly taken at the behest of the central bank and aimed at slowing down the yuan's depreciation Major Chinese banks went on a dollar selling spree this week in order to buy yuan and slow the weakening of the national currency, Reuters reported on Thursday citing market sources. According to the report, the offloading was spotted in both onshore and offshore foreign exchange markets, with offshore units of the banks seen selling dollars during London and New York trading hours. An unnamed Shanghai-based trader told the news outlet that the action is not uncommon. Banks in China largely trade for

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