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China state-owned banks sell dollars onshore to support the yuan: Traders

  • Chinese state-owned banks were seen selling dollars at the 6.80 yuan per dollar level in the onshore foreign exchange market on Tuesday
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Chinese state-owned banks were seen selling dollars at the 6.80 yuan per dollar level in the onshore foreign exchange market on Tuesday, two traders said.

"Major state-owned banks were selling dollars in morning trade," said a trader at a Chinese bank in Shanghai.

State-owned banks have offered dollar liquidity regularly over the past two months in what traders believe is part of efforts to support the yuan from falling too fast.