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China's State Owned Banks Reportedly Swapping Yuan For Dollars

CNY

Headlines have crossed from Reuters, stating that state owned banks have reportedly been selling yuan for USDs in the onshore forward market. Reuters notes: "The state banks' action was interpreted by the market as an effort to mop up dollars from the swap market, thus reducing the easy access to dollars for sales against the yuan." Such operations have been used in the past, along with spot USD selling to curb CNY's rate of depreciation. Reuters notes that onshore traders have not seen such transactions in the spot market in the past week.

  • Such actions may signal a greater urgency to lean against CNY depreciation pressures. Spot USD/CNY got to fresh highs above 7.0600 in early trade, but has settled back at 7.0460/70 now.
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