China's state banks seen swapping and selling dollars for yuan - sources
Chinese state banks often act on behalf of the country's central bank in the foreign exchange market, but they would also trade on their own behalf.
![China's state banks seen swapping and selling dollars for yuan - sources](https://cdn.zeebiz.com/sites/default/files/2023/12/05/271444-screenshot-2023-12-05-100104.png?im=FitAndFill=(1200,900))
Big banks were spotted doing a similar trade late last month, helping the yuan's recovery against a broadly weaker U.S. dollar. (Image credit: Reuters)