It is being reported by Reuters that China's major state-owned banks were seen swapping yuan for US dollars in the forward market and then selling those dollars in the spot market today. This has been an ongoing thing all through August trading and it isn't too surprising to see the PBOC instruct domestic banks to step in again.
China's major state-owned banks reportedly seen selling dollars in onshore spot FX market
- The intervention continues by Beijing in trying to defend the yuan
