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Chinese state banks seen intervening to support the yuan - intervention to sell USD/yuan
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China currency intervention the reason for Gold bulls and USD softness through Asian session hours.
— Capital Hungry (@Capital_Hungry) July 25, 2023
Similar to last week.
[Jul 24 2023, 22:22:29 EST]: CHINA'S MAJOR STATE-OWNED BANKS SEEN SELLING DOLLARS TO BUY YUAN IN BOTH ONSHORE AND OFFSHORE SPOT MARKETS IN EARLY ASIAN…
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China state banks seen selling US dollars to prop up yuan -sources
China's major state-owned banks were seen selling U.S. dollars to buy yuan in both onshore and offshore spot markets in early Asian trade on Tuesday, three people with direct knowledge of the matter said, moves that would prop up the Chinese currency. The selling comes after China's top leaders pledged on Monday to step up policy support for the economy amid a tortuous post-COVID-19 recovery, focusing on boosting domestic demand, signalling more stimulus steps. Policymakers also said China will keep the yuan exchange rate basically stable at reasonable and balanced levels, and vowed to invigorate the capital market ... (full story)