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Chinese state banks trade and sell dollars for yuan (sources)

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U.S. dollar and Chinese yuan banknotes are seen in this illustration taken January 30, 2023. REUTERS/Dado Ruvic/Illustration/File Photo acquire licensing rights

SHANGHAI, Dec 5 (Reuters) – China’s major state-owned banks were seen on Tuesday trading yuan for U.S. dollars on the domestic swap market and selling those dollars on the spot market to support the yuan, two sources close to the yuan said. case.

The state bank’s moves come as China’s yuan appreciated 2.55% against the dollar in November, the best month of the year. However, it remains down 3% since the start of the year.

The sources said they believed the state bank’s measures were aimed at accelerating the yuan’s recovery and encouraging domestic exporters to settle their foreign exchange earnings in the local currency towards the end of the year.

China’s state banks often act on behalf of the country’s central bank in the foreign exchange market, but they also trade on their own behalf.

Major banks were seen making similar moves late last month, contributing to the yuan’s recovery against a largely weaker U.S. dollar, Reuters reported.

Reporting by Shanghai Newsroom and Tom Westbrook; Editing by Jacqueline Wong

Our Standards: The Thomson Reuters Trust Principles.

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