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China state banks step up dollar sales to support renminbi
By Hudson Lockett
Financial Times, London
Monday, October 17, 2022
China's state banks stepped up selling of the dollar today, supporting the renminbi against the surging U.S. currency as the Chinese Communist Party's 20th congress got under way in Beijing.
Traders in China said large state-run banks were swapping renminbi for U.S. dollars in the country’s forwards market, then selling the dollars in the country's onshore markets in an intervention to bolster the domestic currency.
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The renminbi was trading 0.2% lower against the dollar at about Rmb7.2. But the Chinese currency has fallen almost 12% against the dollar this year, with weakness becoming more pronounced after regulators relaxed informal foreign exchange trading limits in late September.
That move was followed by warnings from authorities discouraging bets on sharper falls to avoid runaway depreciation -- part of an effort to slow the pace of depreciation rather than mount a strong defence of any specific level for the renminbi’s dollar exchange rate.
"This kind of intervention won’t usually have too big of an impact in the long term, but it will have an immediate, short-term impact," said one Shanghai-based foreign exchange trader with a western investment bank. ...
... For the remainder of the report:
https://www.ft.com/content/b4a75f35-ccf1-4bec-8596-f3ed4ec6de6c
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