China’s major state-owned banks were seen selling U.S. dollars to buy yuan in both onshore and offshore spot markets in early Asian trade on Tuesday, three people with direct knowledge of the matter said, moves aimed at supporting the Chinese currency.
China’s state banks usually trade on behalf of the central bank in the country’s foreign exchange market, but they could also trade on their own behalf.
Read More : China State Banks Expected to Sell US Dollars to Support Yuan – Sources