Major state-owned Chinese banks intervened in Yuan market

Dhwani Mehta FXStreet

As the Chinese Yuan extends the sell-off versus its American counterpart, traders are reporting about the intervention by the state-owned banks.

Major state-owned Chinese banks are seen selling dollars in Yuan market at around 6.81 Yuan/ US dollar to stem the Yuan declines.

The USD/CNY pair rallied hard to print fresh one-year highs at 6.8117 before reversing sharply to 6.7930 levels, where it now wavers.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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