Chinese Firms Speed up Dollar Selling Amid Optimism Toward Yuan

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

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