China’s state banks made third move this week to shore up yuan amid sharp depreciation – report
FOREX
China’s state banks made third move this week to shore up yuan amid sharp depreciation – report
FOREX

China’s state banks made third move this week to shore up yuan amid sharp depreciation – report

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China’s major state-owned banks sold US dollar in both the onshore and offshore markets for multiple times on Thursday to curb the depreciation of yuan against greenback, the third move this week, reported Reuters. 

The market expected the PBOC to take more policy measures if they yuan continues to weaken against USD.

As the US Federal Reserve has repeatedly raised interest rates, the yuan has depreciated by nearly 5% against the dollar this year, while JPY has depreciated by 10% against USD, making it one of the worst-performing Asian currencies.

The offshore yuan weakened further on Thursday to break through 7.26 per dollar mark, while the onshore yuan broke through 7.25 per dollar mark at one point.