# China state-owned banks reportedly seen selling dollars in onshore market

> Citing four sources, Reuters reported that Chinese state-owned banks were seen selling dollars in the onshore market. The trades appeared aimed at pushing the yuan stronger and holding USD/CNY below 6.90 for the day.

- Date: 2022-08-31 · published 2022-08-31T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/40259-china-state-owned-banks-reportedly-seen-selling-dollars-in-onshore-market
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

State dollar selling supports the yuan and can reduce import costs for Chinese feed buyers, though it is a currency intervention rather than a change in grain demand.

## 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 | 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 | 2023-12-06 | [China state banks selling dollars for second day to support yuan - sources](https://feedsoft.ai/events/32921-china-state-banks-selling-dollars-for-second-day-to-support-yuan-sources.md) | +0.4% | +0.2% |
| 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 | 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

- investinglive.com: https://investinglive.com/news/china-state-owned-banks-reportedly-seen-selling-dollars-in-onshore-market-20220831/

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