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China's state-owned banks selling USD/CNY - to support the yuan

China's state-owned banks selling USD/CNY - to support the yuan

Central Banks
Eamonn Sheridan
02/04/2024 | 02:58 GMT
  • Yuan hit a four and a half month low, prompting support from China

Major state owned banks in the market selling USD/CNY.

Offshore yuan moving alongside:

usdcnh china intervention 02 April 2024 2

CNY and CNH have both been weakening, this intervention from state-owned banks is aimed at providing some support for the hapless yuan.

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