# Chinese state banks sold dollars to support yuan late on Tuesday - sources | Reuters

> Major Chinese state banks sold US dollars onshore and offshore on Tuesday to support the weakening yuan, according to sources. The yuan had hit its weakest level since December 2007 and its trade-weighted value was at a five-month low before the intervention lifted it from a record low of 7.3746 per dollar.

- Date: 2022-10-26 · published 2022-10-26T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/6937-chinese-state-banks-sold-dollars-to-support-yuan-late-on-tuesday-sources-reuters
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

State intervention to stabilize the yuan may limit further currency-driven drops in Chinese import costs, offering modest support to dollar-priced feed demand from China.

## Read by commodity

- USDCNY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2022-10-26 | 1 | -1.3% | -4.6 | State bank dollar sales on Oct 25 late session lifted the yuan from a record low of 7.3746, which fits a sharp one-day move in CNY per USD ending Oct 26 (sign convention aside), via direct currency intervention. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2026-02-27 | [China encourages dollar buying to slow surging yuan \| Reuters](https://feedsoft.ai/events/7895-china-encourages-dollar-buying-to-slow-surging-yuan-reuters.md) | +0.7% | +1.0% |
| USDCNY | 2019-05-17 | [China's central bank won't let yuan weaken past 7 to the dollar-sources](https://feedsoft.ai/events/59283-china-s-central-bank-won-t-let-yuan-weaken-past-7-to-the-dollar-sources.md) | +0.4% | +0.6% |
| USDCNY | 2022-04-26 | [China cuts banks’ FX reserve ratio to support yuan - Business & Finance - Business Recorder](https://feedsoft.ai/events/7640-china-cuts-banks-fx-reserve-ratio-to-support-yuan-business-and-finance-business.md) | +0.8% | +1.4% |
| USDCNY | 2024-12-19 | [China's central bank offers strongest yuan support since July after dollar gains](https://feedsoft.ai/events/27167-china-s-central-bank-offers-strongest-yuan-support-since-july-after-dollar-gains.md) | +0.2% | +0.5% |
| USDCNY | 2022-09-29 | [Exclusive: China's state banks told to stock up for yuan intervention](https://feedsoft.ai/events/7209-exclusive-china-s-state-banks-told-to-stock-up-for-yuan-intervention.md) | -1.2% | +0.3% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40205220
- reuters.com: https://www.reuters.com/markets/currencies/chinese-state-banks-sold-dollars-support-yuan-late-tuesday-sources-2022-10-26/

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