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PBOC reportedly calls for major state-owned banks to reduce dollar purchases
CNY
The Chinese central bank is looking to manage the pace of the yuan devaluation, calling for state lenders to reduce dollar purchases. The major banks were also directed to step up checks when executing large dollar purchase orders for clients and to withhold dollar purchases for proprietary accounts.
Two source said that big state banks were seen selling dollars and buying yuan aggressively in order to slow down the pace of the yuan declines in the onshore spot market today.
Source: Forex Live
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