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China state banks seen supporting yuan in forwards market, sources tell Reuters
By Winni Zhou and Andrew Galbraith
Reuters
Tuesday, August 6, 2019
China's state banks have been active in the onshore yuan forwards market this week, using swaps to tighten dollar supply and support the Chinese currency, four sources with knowledge of the matter told Reuters.
The spot value of the yuan has fallen sharply this week against the dollar as tensions between China and the United States escalated and prompted fears that their trade war could shift into a currency war.
... Dispatch continues below ...
Glint Completes L5 Million Private Placement
and Welcomes Sprott as Strategic Investor
Company Announcement
Thursday, June 13, 2019
Glint Pay Inc. (glintpay.com), the first-mover company that enables physical gold to make instant payments using a debit Mastercard, today announced the completion of a private placement of L5 Million in London-based parent Glint Pay Ltd. The financing was led by Sprott, an alternative asset manager and a global leader in precious metal and real asset investments with approximately $8 billion in assets under management.
Founded in the United Kingdom in 2016, Glint established the first app-based account in February 2018 giving clients in Europe a low-cost way to buy, sell, and save physically allocated gold and for the first time instantly spend it via the Glint Mastercard anywhere Mastercard is accepted. Glint Pay then added multiple currency wallets, including U.S. dollars, British pounds, and euros in July 2018. The company is working on its launch into the United States. ...
... For the remainder of the announcement:
https://glintpay.com/en_us/glint-en_us/glint-completes-5-million-private...
The sources said banks had conducted significant amounts of buy-sell swaps in the onshore market on Tuesday. Buy-sell swaps help to reduce the supply of dollars that the market can access to short-sell the yuan. ...
... For the remainder of the report:
https://www.reuters.com/article/us-china-yuan-forwards/china-state-banks...
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