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Further Wire Reports Of State Banks Selling USDs

CNY

(MNI Australia) Bloomberg headlines crossed a little while ago that state owned banks were seen buying CNY/USD around the 7.2900 level. Earlier highs in USD/CNY came in just above 7.2930, while we now sit at 7.2800, lows for the session coming in at 7.2757. Outside of a sharp move lower in the pair, there hasn't been much follow through.

  • USD/CNH sits at 7.2880 currently, also above earlier lows of 7.2830, which likely coincided with onshore USD/CNY spot moving lower.
  • Wires reports of state bank selling USD in both onshore and offshore markets have been prominent in recent weeks.

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