China’s major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to slow the yuan’s depreciation.
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Fairly standard central bank activity, nothing unusual in and of itself.
Except China is normally devaluing it’s currency to keep exports competitive, this is the opposite
During recent weeks, market watchers say the Chinese authorities have sought to slow the yuan’s decline, with the PBOC persistently setting a stronger-than-expected fixing, and state banks repeatedly selling dollars.
