# Exclusive: China moves to support yuan as stock markets tumble | Reuters

> Major Chinese state banks moved to support the yuan on January 22 by tightening offshore liquidity and selling dollars onshore as equities slid, according to four sources. Offshore yuan tomorrow-next forwards rose to a more than two-month high.

- Date: 2024-01-22 · published 2024-01-22T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/32350-exclusive-china-moves-to-support-yuan-as-stock-markets-tumble-reuters
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

State intervention to firm the yuan lowers the cost of Chinese dollar-denominated purchases only marginally, so the direct effect on feed commodity prices is limited.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-10-17 | [EXCLUSIVE: Exclusive: China's state banks seen acquiring dollars in swaps market to stabilise yuan \| Reuters](https://feedsoft.ai/events/39358-exclusive-exclusive-china-s-state-banks-seen-acquiring-dollars-in-swaps-market.md) | +0.7% | -1.6% |
| USDCNY | 2024-02-06 | [China’s yuan rises on firmer-than-expected fix, stock market support - Markets - Business Recorder](https://feedsoft.ai/events/31899-china-s-yuan-rises-on-firmer-than-expected-fix-stock-market-support-markets.md) | -0.1% | -0.0% |
| USDCNY | 2026-06-30 | [China yuan firms as exporter dollar sales lend support - Markets - Business Recorder](https://feedsoft.ai/events/19035-china-yuan-firms-as-exporter-dollar-sales-lend-support-markets-business-recorder.md) | -0.0% | -0.3% |
| USDCNY | 2018-08-24 | [China central bank adjusts yuan fix factors to keep FX market stable \| Reuters](https://feedsoft.ai/events/63740-china-central-bank-adjusts-yuan-fix-factors-to-keep-fx-market-stable-reuters.md) | -0.5% | -0.3% |
| USDCNY | 2023-05-26 | [China’s yuan rebounds after state banks sell dollars to lend support - Markets - Business Recorder](https://feedsoft.ai/events/36177-china-s-yuan-rebounds-after-state-banks-sell-dollars-to-lend-support-markets.md) | +0.1% | +2.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/china-moves-support-yuan-stock-markets-tumble-sources-2024-01-22/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.