Exclusive: China’s major state banks sell dollars for yuan in London, NY hours

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights SHANGHAI, Aug 17 (Reuters) – China’s major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to arrest the yuan’s rapid losses. State banks usually act on behalf of China’s central bank in the country’s foreign exchange market, but they could also trade on their own behalf or execute their clients’ orders. Offshore branches of…