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China's state banks seen selling dollars for yuan in London and New York hours

China’s major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to slow the yuan’s depreciation.

MicroWave OP , 10 months ago

The recent steepening in the yuan’s decline is a result of China’s widening yield differential with the U.S., and investors’ mounting concerns over China’s weak economic growth and rising default risks in its property and shadow banking sectors.

The government’s slow delivery of stimulus measures to bolster growth has disappointed investors. Meantime, the People’s Bank of China (PBOC) has eased monetary policy to support the economy, though the price paid for lowering interest rates is more pressure on the yuan.

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