China's state-run banks are swapping dollars for yuan as officials tell them to intervene in currency markets

• Chinese officials told state-run banks to intervene in currency markets this week to limit yuan volatility, per Bloomberg.
• Banks are swapping dollars for yuan, while officials are also weighing tools to prevent depreciation of the currency.
• The yuan is down about 2.4% against the dollar this month, and 6% in 2023.

China asked state-run banks to intervene in its currency markets this week to limit the yuan's volatility, according to a Bloomberg report Thursday.