Such state bank dollar selling was meant to slow the pace of yuan declines, one of the sources said.
China’s central bank on Thursday also announced a relaxing of a cross-border financing rule, making it easier for domestic firms to raise funds from overseas markets and easing depreciation pressure on the yuan currency.
China’s offshore yuan strengthened more than 0.7% to a high of 7.1812 per dollar before last trading at 7.1890 as of 0249 GMT.
In the onshore market, the yuan followed a similar upward bounce, but it is still down about 4% against the dollar year-to-date, making it one of the worst performing Asian currencies for 2023.
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