China’s major state-owned banks reportedly selling dollars to defend yuan currency today | Forexlive

The rebound in Chinese stocks barely lasted a few days as the market rout continues this week. The Shanghai Composite is already down 4% this week alone with the Hang Seng also down over 3% on the week going into the close today. The outflows continue to weigh on the yuan and that is seeing the PBOC call on major banks to step in more frequently.

The onshore yuan itself is trading more steadily on the day, largely helped by these "interventions". USD/CNY is seen at 7.18 levels as it seems that Chinese authorities are to surrender a break of 7.20 in the pair.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://www.forexlive.com/news/chinas-major-state-owned-banks-reportedly-selling-dollars-to-defend-yuan-currency-today-20240131/