China’s state banks stepped up selling of the dollar on Monday, supporting the renminbi against the surging US 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 US 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.
The renminbi was trading 0.2 per cent lower against the dollar on Monday at about Rmb7.2. But the Chinese currency has fallen almost 12 per cent against the dollar this year, with weakness becoming more pronounced after regulators relaxed informal foreign exchange trading limits in late September.
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