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China state-owned banks selling USD/CNY (believed intervention)

China state-owned banks selling USD/CNY (believed intervention)

Central Banks
Eamonn Sheridan
04/07/2017 | 03:44 GMT

Reuters reporting Chinese state-owned banks were seen selling dollars at the 6.80 yuan per dollar level

  • In the onshore market, believed to be an effort to support the yuan
  • "Major state-owned banks were selling dollars in morning trade," said a trader at a Chinese bank in Shanghai

Reuters citing two unnamed sources

Intervention?

Doing it wrong ... :-D

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