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China's State Banks Swap and Sell Dollars for Yuan, Yuan Gains Against Dollar
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China's major state-owned banks have been swapping and selling dollars for yuan in the onshore swap market and spot currency markets. The yuan has gained over 2% in the past week, reaching its highest level against the dollar in nearly 4 months. The PBOC has been lowering the dollar-yuan daily fixing rate, which has added downside pressure on the Chinese currency.
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How might the actions of China's state banks impact the global financial markets?
What factors are contributing to the downward pressure on the Chinese currency?
What measures can the PBOC take to stabilize the yuan and mitigate the impact of monetary easing?
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