China's major state-owned banks have been active in the yuan forwards marke...
Four sources with knowledge of the matter told Reuters that state banks were seen swapping yuan for dollars in onshore forwards market CNYFWD=to support the Chinese unit.
The sources said banks had conducted significant amounts of buy-sell swaps in the onshore market on Tuesday. Buy-sell swaps help to reduce the supply of dollars that the market can access to short-sell the yuan. He expects the PBOC will continue to use tools, including the daily midpoint fixing, to lead the yuan’s movements in the near term.
One of the sources said while some of the recent swap transactions were believed to be rollovers of last year’s purchases, other orders over the past two days were new.
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