Major China state-owned banks seen supporting yuan after fresh fall - traders
SHANGHAI, Aug 22 (Reuters) - Major Chinese state-owned banks
were seen supporting the yuan in the forwards markets on
Thursday after it fell to fresh 11-year lows, two traders with
knowledge of the matter said.
The banks were receiving dollar liquidity in the forwards
market before selling the greenback in the onshore spot market,
One of them said the state banks were seen selling dollars
at around 7.07 yuan to the dollar in the spot market to prevent
sharper losses in the local unit.
The onshore yuan traded at 7.0732 per dollar as
of 0401 GMT, down from the previous late night close of 7.0633.
It had earlier slid to 7.0752, the weakest since March 2008.
(Reporting by Winni Zhou, Jindong Zhang and John Ruwitch;
Editing by Kim Coghill)
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