USD/CNY drops below 7.30 afte PBOC intervenes in FX market USDCNY PBOC CentralBanks Currencies
One of the sources said that “the selling of dollars by state banks in early US trading hours lifted the yuan.”
“It was unusual for the domestic branches of China's big banks to be active in onshore trades during London or New York trading hours,” the sources said.In an immediate reaction to the above headlines, USD/CNY came under renewed selling pressure and surrendered the 7.30 level. The pair is trading at 7.2903, down 0.21% on the day, as of writing. The yuan has been hitting successive record lows in recent days, reflecting a strengthening dollar and worries over a slowing Chinese economy.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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