China state banks buy dollars to ease sharp rally in yuan, traders say

Section:

Everybody is rigging the currency markets, and while some of it can be reported, nothing about gold market rigging can be.

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From Reuters
Thursday, December 31, 2020

China's major state-owned banks were seen buying U.S. dollars at the rate of about 6.52 yuan on Thursday, traders said, in a move viewed as an effort to keep the local currency from rising too fast and breaching a key level.

The onshore spot market opened at 6.5204 per dollar and surged to a high of 6.5148 at one point in morning trade, its loftiest since June 22, 2018.

... Dispatch continues below ...



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The state bank action quickly dragged the yuan to the weaker side of 6.52 per dollar, four traders told Reuters.

“Two state banks bid at that level today,” said one of the traders.

For the year, the yuan has appreciated nearly 7% and is set to book its first annual gain in three. ...

... For the remainder of the report:

https://www.reuters.com/article/china-yuan/update-1-china-state-banks-bu...

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