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China's state banks seen swapping and selling US dollars for yuan - sources
China's major state-owned banks were seen exchanging yuan for U.S. dollars in the onshore swap market and selling those dollars in spot currency markets this week, two sources told Reuters on Tuesday. The yuan has gained 2 per cent in the past week, to stand at levels of around 7.13 to the dollar - its highest in nearly 4 months - and the big state banks have continued to sell dollars for yuan this week, the sources said. Both sources spoke on condition of anonymity as they were not authorised to speak to media about the matter. State banks are often suspected of stepping into the currency market on behalf of the ... (full story)