15:16 - 30.08.2024

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August 30, Fineko/abc.az. China's large state-owned banks have been actively purchasing dollars in the foreign exchange market to slow down the yuan's appreciation. This move comes as the yuan climbed to 7.0895 per dollar, reaching an eight-month high, ABC.AZ reports, citing ProFinance.

China's state-owned banks usually act on behalf of the Central Bank in the country's foreign exchange market. However, they also have the ability to trade independently. Last week, Reuters reported that Chinese authorities have been discreetly working to prevent the currency's rise, which could potentially undermine domestic financial markets and negatively impact exporters.