Traders: Major Chinese state banks seen supporting the Yuan - Reuters

Dhwani Mehta FXStreet

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.

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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