China’s major state-owned banks sold dollars to buy yuan in the offshore spot market amid shifts in Asia on Thursday, sources told Reuters on condition of anonymity.
According to the sources, the sale of dollars by state-owned banks is intended to slow the pace of yuan devaluation.
On Thursday, China’s central bank announced the easing of cross-border financing rules, which will make it easier for Chinese companies to raise funds from overseas markets and ease pressure on the Chinese currency.
The offshore yuan rose more than 0.7% to 7.1812 per dollar on Thursday.
Domestically, the renminbi is showing a similar upward trend, but is still one of the worst performers among Asian currencies in 2023.
Source: Hot News
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