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RTRS Sources Flag State-Owned Banks Support For Redback

CNY

MNI (London) - Familiar headlines have crossed via RTRS as their sources note that “China's major state-owned banks were active in onshore and offshore foreign exchange markets this week trying to contain the yuan's slide.” The sources went on to note that “state banks were seen swapping yuan for U.S. dollars in the onshore swap market before quickly selling those dollars in the spot market to support the yuan from Wednesday to Friday.”

  • A quick reminder that USD/CNH closed above the 200-DMA on Thursday, the first instance of that nature seen since December 12 (although there has been a move back below that marker already today).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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