In the wake of the latest sell-off in the Chinese currency, the Yuan, Reuters reports traders, as saying that the Chinese major state-owned banks have reputedly intended to lend support to the local currency.
The banks are seen receiving USD-CNY swaps in a bid to stem the Yuan fall.
Amid the Yuan tumble, the risk-off sentiment has gripped the Asian markets as the greenback continues to hold the higher ground following Wednesday’s Fed minutes.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.