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OverviewAPI
China's state-owned banks have been actively swapping and selling dollars for yuan in the onshore swap market and spot currency markets, leading to a significant yuan gain. This move has raised concerns about the PBOC's control over the daily yuan fixing and its potential impact on currency pressure. The yuan's strength has alleviated China's concerns, but the PBOC's tight control over the reference rate suggests a potential relaxation in guidance as the yuan strengthens above 7.15.

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