SHANGHAI (Reuters) - China's major state-owned banks were spotted swapping yuan for U.S. dollars in the forwards market and selling those dollars in the spot market on Monday morning, six banking sources said.
The selling seemed to be aimed at stabilising the yuan, with the swaps helping procure dollars as well as anchoring the price of yuan in forwards, the sources, who have direct knowledge of market trades, told Reuters.
The yuan is down 11.6% versus the dollar this year. It was trading around 7.1980 per dollar on Monday, while the one-year forwards had fallen to 6.95.
(Reporting by Shanghai and Beijing Newsroom; Editing by Ana Nicolaci da Costa)
Price
|
Change
|
5d. change
|
Capi.
| ||
|---|---|---|---|---|---|
| 1.091 USD | +0.29% | +0.63% | - | ||
| 1.298 USD | +0.48% | +1.38% | - | ||
| 4.921 CNY | +0.07% | +0.32% | - | ||
| 5.318 CNY | -0.09% | -0.17% | - | ||
| 7.907 CNY | +0.27% | +0.47% | - | ||
| 9.416 CNY | +0.47% | +1.19% | - | ||
| 0.0868 CNY | +0.02% | -0.34% | - | ||
| 7.254 CNY | +0.07% | -0.18% | - | ||
| 0.012 USD | -0.04% | 0.00% | - | ||
| 0.733 USD | -0.01% | +0.05% | - | ||
| 0.6117 USD | 0.00% | -0.37% | - | ||
| 7.271 CNH | +0.06% | -0.19% | - | ||
