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China state banks seen buying yuan in onshore FX market

China state banks seen buying yuan in onshore FX market

Central Banks
Eamonn Sheridan
22/03/2024 | 02:29 GMT
  • Selling USD/CNY, intervention attempt

People's Bank of China will have issued the instruction.

Reuters with the info:

  • China's major state-owned banks seen selling dollars for yuan in onshore FX market to slow yuan declines

They have work to do - CNY has dropped sharply today:

USDCNY 5 min candles 22 March 2024 2

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