# Exclusive: China asks big banks to stagger and adjust dollar purchases, sources say

> Chinese authorities have asked major banks to stagger and adjust their dollar purchases, according to sources. The move follows widening yield gaps with the US and a weak domestic recovery that have put pressure on the yuan, with exporters holding dollar earnings offshore.

- Date: 2023-09-14 · published 2023-09-14T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/34327-exclusive-china-asks-big-banks-to-stagger-and-adjust-dollar-purchases-sources
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Managing yuan weakness through capital controls signals ongoing currency stress that can affect the cost of dollar-denominated agricultural imports for China.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2025-05-01 | [EXCLUSIVE: China's central bank asks state lenders to reduce dollar purchases, sources say](https://feedsoft.ai/events/25347-exclusive-china-s-central-bank-asks-state-lenders-to-reduce-dollar-purchases.md) | -0.6% | -1.2% |
| USDCNY | 2018-07-04 | [Exclusive: China to be less interventionist on yuan than in 2015 - sources \| Reuters](https://feedsoft.ai/events/64269-exclusive-china-to-be-less-interventionist-on-yuan-than-in-2015-sources-reuters.md) | +0.6% | +2.7% |
| USDCNY | 2017-03-09 | [China's yuan weakens, prompting dollar sales by state banks](https://feedsoft.ai/events/72221-china-s-yuan-weakens-prompting-dollar-sales-by-state-banks.md) | +0.0% | -0.3% |
| USDCNY | 2016-11-18 | [Exclusive - China ready to slow yuan descent, worried about capital outflows: sources](https://feedsoft.ai/events/74060-exclusive-china-ready-to-slow-yuan-descent-worried-about-capital-outflows.md) | +0.7% | +1.3% |
| USDCNY | 2022-10-25 | [Exclusive: China FX regulator surveys banks about positioning as yuan plunges](https://feedsoft.ai/events/6931-exclusive-china-fx-regulator-surveys-banks-about-positioning-as-yuan-plunges.md) | +0.6% | -1.7% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/china-asks-big-banks-stagger-adjust-dollar-purchases-sources-2023-09-14/

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