China state banks step up support for yuan, sell dollars onshore for 2nd day – traders

01-Dec-2016 Intellasia | Reuters | 6:00 AM Print This Post

Chinese state-owned banks were seen selling dollars in the onshore foreign exchange market for a second straight day on Tuesday, in what traders said appeared to be a bid to support the yuan currency after its recent slide to 8-1/2-year lows.

The yuan strengthened to 6.8922 per dollar as of 0413 GMT, 161 pips firmer than the previous late night close of 6.9083.

http://finance.yahoo.com/news/china-state-banks-step-support-042055236.html;_ylt=Auv6SS0dGqJZcb4w1vyIUP34uYdG;_ylu=X3oDMTExODZudjg0BG1pdAMEcG9zAzQ0BHNlYwNNZWRpYVRvcFN0b3J5VGVtcA-;_ylg=X3oDMTBhYWM1a2sxBGxhbmcDZW4tVVM-;_ylv=3

 


Category: China

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