# EXCLUSIVE: China state banks seen mopping up offshore yuan to stem currency weakness | Reuters

> Major Chinese state-owned banks were seen buying offshore yuan on August 21 to counter currency weakness. The yuan is under pressure from a weakening economy and strain in the property sector.

- Date: 2023-08-21 · published 2023-08-21T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/34803-exclusive-china-state-banks-seen-mopping-up-offshore-yuan-to-stem-currency
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

State intervention to defend the yuan affects the cost of dollar-denominated Chinese feed imports, influencing import demand expectations.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2024-01-05 | [Exclusive: China's state banks act to stem yuan slide onshore and offshore -sources](https://feedsoft.ai/events/32357-exclusive-china-s-state-banks-act-to-stem-yuan-slide-onshore-and-offshore.md) | +0.1% | +0.5% |
| 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 | 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 | 2022-08-24 | [EXCLUSIVE China regulator warns banks against yuan selling - sources \| Reuters](https://feedsoft.ai/events/40257-exclusive-china-regulator-warns-banks-against-yuan-selling-sources-reuters.md) | +0.9% | +2.9% |
| USDCNY | 2023-11-21 | [Exclusive: China's state banks are buying yuan, quickening its rally](https://feedsoft.ai/events/12027-exclusive-china-s-state-banks-are-buying-yuan-quickening-its-rally.md) | -0.4% | -0.5% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/chinas-state-banks-seen-mopping-up-offshore-yuan-liquidity-sources-2023-08-21/

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