[上海／北京 ２６日 ロイター] – China’s major state-owned banks sold dollars in onshore and offshore markets late on Wednesday to support the declining yuan, two sources told Reuters.
Initially, the onshore market was under increasing downward pressure, with prices hitting the lowest since December 2007.
The yuan rose as state-owned banks sold the dollar early Wednesday evening, according to people familiar with the matter. A dollar was sold on land and sea.
While it is common for domestic branches of major Chinese banks to handle yuan offshore and use their moves to leverage yuan onshore, it is unusual for them to be active in the onshore market during London or New York trading hours , he said.
The offshore yuan has hit record lows in recent days as the dollar strengthened and fears of a slowdown in China’s economy were reflected.
State-owned banks’ dollar selling/buying yuan pushed the dollar to 7.3034 yuan from a record low of 7.3746 yuan.
The onshore yuan rebounded from a low of 7.31 yuan, recovering almost all of its losses during trading hours. It started at 7.2949 yuan on the 26th and was 7.2971 yuan at 0229 GMT (11:29 a.m. Japan time).
