China's foreign exchange regulator sent a survey to some banks late on Monday asking them about their positioning in the currency market, three sources with direct knowledge of the matter told Reuters.
The survey comes at a time when China's yuan is hitting its weakest levels since the global financial crisis of 2008, and its offshore unit is hitting record lows, succumbing to the broad strength of the U.S. dollar.Register now for FREE unlimited access to Reuters.comAnother of the sources said the survey was conducted around the time the yuan "overreacted" as some market participants were apparently "maliciously shorting the yuan".
The U.S. dollar's swift rise on the back of aggressive Federal Reserve monetary tightening and a slowing Chinese economy have piled downside pressure on the yuan, which has lost more than 13% against the dollar so far this year and looks set for its biggest annual drop since 1994, when China unified market and official rates.
on cross-border corporate financing to make it easier for domestic firms to raise funds from overseas markets.
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