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Rumor: Chinese State-Owned Banks Are ‘Aggressively’ Buying U.S. Dollars

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Vincent Fernando, CFA
Business Insider
June 22, 2010

Maybe this is why the yuan has peculiarly weakened against the U.S. dollar — Traders are reporting that Chinese state-owned banks are ‘aggressively’ buying U.S. dollars.


Several traders said Chinese state-owned banks were buying dollars at various levels, suggesting they were not trying to defend the yuan at a certain level.

Regardless, buying is a form of price support, even if at different levels, and could explain the odd movement of the yuan.

This article was posted: Tuesday, June 22, 2010 at 4:10 am

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