# China state banks selling dollars for second day to support yuan - sources

> Chinese state banks sold dollars for a second day to support the yuan. The move followed Moody's cutting its outlook on China's credit rating to negative, citing slower growth and property risks.

- Date: 2023-12-06 · published 2023-12-06T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/32921-china-state-banks-selling-dollars-for-second-day-to-support-yuan-sources
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Support for the yuan lowers the cost of dollar-priced grain and meal imports for China, though weaker growth expectations point to softer Chinese feed demand.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2023-07-25 | [China state banks seen selling US dollars to prop up yuan -sources](https://feedsoft.ai/events/35257-china-state-banks-seen-selling-us-dollars-to-prop-up-yuan-sources.md) | -0.6% | +1.4% |
| USDCNY | 2023-07-20 | [Exclusive: China's state banks selling dollars offshore to slow yuan declines, sources say](https://feedsoft.ai/events/35258-exclusive-china-s-state-banks-selling-dollars-offshore-to-slow-yuan-declines.md) | -1.0% | +1.0% |
| USDCNY | 2024-08-30 | [China state banks buying dollars amid rapid yuan gains, sources say \| Reuters](https://feedsoft.ai/events/29021-china-state-banks-buying-dollars-amid-rapid-yuan-gains-sources-say-reuters.md) | -0.1% | -1.2% |
| 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% |
| USDCNY | 2022-08-31 | [China state-owned banks reportedly seen selling dollars in onshore market](https://feedsoft.ai/events/40259-china-state-owned-banks-reportedly-seen-selling-dollars-in-onshore-market.md) | +0.8% | +4.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/china-state-banks-selling-dollars-second-day-support-yuan-sources-2023-12-06/

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