BRICS accelerates US dollar selling, Chinese firms offload $51.8 billion; US launches probe into China’s Phase One trade deal implementation

[BEIJING] Chinese banks helped clients offload overseas currencies at the fastest pace since 2020 last month, as optimism towards further yuan appreciation grew.

Lenders sold a net US$51.8 billion of foreign exchange (FX) on behalf of their customers in September, the largest monthly amount since December 2020, according to official data released late Wednesday (Oct 22). The clients include exporters, importers and some investors in overseas financial assets.

The data points to bullish sentiment towards the yuan, after the currency reached its strongest since November last month. More foreign exchange conversions by local exporters could support the yuan through renewed trade tensions with the US.

https://thepoundhub.com/dollar/chinese-firms-speed-up-us-dollar-selling-amid-optimism-towards-yuan/