Corporate Dollar Demand in China Weakening Yuan

As markets turn bearish on yuan, Beijing becomes the bull

Chinese commercial bank clients bought $3.5 billion more dollars from commercial banks than they sold in June, official data shows, compared to a monthly average surplus of $66 billion in the first five months of the year. "There has been a shift in clients' mentality. Companies are no longer so eager to trade in their dollars for renminbi," said a trader at a large Chinese bank in Shanghai.