China’s yuan rebounded from a near six-month low against the dollar on Friday, as some major state-owned banks sold the US currency to prevent the yuan from sinking further.
Sources told Reuters that state banks were seen selling dollars in the spot market from Thursday and into Friday, and such dollar selling appeared to slow the pace of yuan declines rather than forcefully capping the currency at any particular level.
Read More : Chinese Yuan Bounces Back as State Banks Sell Dollars to Provide Support