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USD/CNY Selling Report Flags 7.30 as Potential CNY Floor

CNY

Reuters reports that China's state banks have been seen selling USD/CNY in domestic markets, while swapping CNY for USD in onshore forwards. The piece writes that:

  • "The spot dollar selling seemed to be aimed at preventing the yuan from sinking too fast and too far, with the swaps helping procure dollars as well as anchoring the price of yuan in forwards"
  • "With such state bank actions, the onshore yuan has swung in a tight range on the firmer side of the 7.3 per dollar over the past week, prompting many market analysts and traders to believe that the level could be the yuan's floor in the near term."
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