Traders: Major Chinese banks seen swapping Yuan for dollars in forwards

Dhwani Mehta FXStreet

Reuters quotes three traders, as saying that the Chinese state-owned banks swapped Yuan for dollars in forwards on Tuesday, in an attempt to stem the declines in the Chinese currency.

The Yuan trades at a decade low versus the greenback, as market fret the USD/CNY could soon reach the 7.0000 level.

The traders said there was no immediate evidence that the banks were selling the dollars to support the value of spot Yuan against the dollar. Two traders said they suspected the state-run banks were stockpiling dollars for future use.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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