It’s being reported that China’s main state-owned banks had been seen promoting {dollars} within the onshore market as we speak with a view to attempt to prop up the yuan forex. This comes as home shares took a big tumble once more in buying and selling as we speak, after the PBOC chose not to act. The sources additionally say that the banks moved to curtail lending with a view to tighten yuan liquidity within the offshore market i.e. making it costlier to quick the forex.
This text was written by Justin Low at www.forexlive.com.
