China has instructed its state-run financial institutions to buy up offshore yuan, and sell off their dollar holdings, in an effort to bolster their own currency against a rising dollar, according to a Reuters report sourced to individuals with knowledge of the orders.

The purchasing of yuan, combined with the dumping of dollars is hoped to forestall any further declines in the yuan. Currently the yuan is on track to suffer the largest loses against the dollar in almost thirty years. The yuan has already lost 11% against the dollar this year, which affects export margins.

The anonymous source said the extent of the intervention is expected to be, “rather big.”

China’s offshore yuan rebounded roughly 200 pips as news spread. Offshore yuan trading volumes account for roughly 70% of all yuan FX trades throughout the world, dwarfing the volumes traded in the country.

The intervention will reportedly take the form of selling state-lender dollar reserves. Total amounts have yet to be set, due to moves in Chinese currency being dependent on dollar movements and the tightening policies pursued by the Federal Reserve.

Analysts note that China dumped $1 trillion of its official FX reserves in 2015, to support the yuan after a single devaluation of 2%, sending the global financial markets into chaos