Additional studies of Chinese language state banks FX intervention to help yuan, promoting USD/CNY

I posted earlier on intervention Tuesday:

• China’s state banks stepped in to support yuan Tuesday, Moody’s downgraded China’s outlook

State bnaks have been sighted as soon as once more promoting USD on Wednesday morning.

The impression thus far (that is offshore yuan):

Earlier the PBoC set the reference price stronger than anticipated for the CNY:

• PBOC sets USD/ CNY mid-point today at 7.1140 (vs. estimate at 7.1476)

However, they’ve been doing so for a lot of months.

This text was written by Eamonn Sheridan at www.forexlive.com.