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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.

  • China’s onshore Yuan hits lowest since March 2008
  • USD/CNH technical analysis: Rises 0.22%, confirming falling channel breakout