Are you seeing headlines about BRICS member country China and the US Dollar? A new report from Reuters is making waves: BRICS China banks reportedly selling US Dollars to buy Yuan. What's going on?

Specifically, a new report has stated that China-owned state banks have been seen selling US Dollars to buy the Yuan. Indeed, it occurred Tuesday, with three people familiar with the matter confirming the activity. This intervention in the foreign exchange market is raising questions about China's strategy regarding its currency.

China's major state-owned banks were seen selling dollars for yuan in the onshore spot foreign exchange market on Tuesday to prevent the local currency from falling too rapidly. This action suggests a move to stabilize the Yuan amidst global economic uncertainties.

The trend seems to be continuing. China's major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trades on Thursday, two people with direct knowledge of the matter revealed. This continued support for the Yuan, both onshore and offshore, is significant.

Understanding these currency movements is crucial for investors and anyone following the BRICS economic landscape. Stay updated on how China's actions impact the global market and the future of the US Dollar versus the Yuan.