Chinese state banks are in the spot market seen selling dollars for CNY

The People’s Bank of China set the CNY weaker today, its weakest in around 6 weeks. The US dollar is, of course, supoer-strong so the Bank is under pressure:

Chart is of offshore yuan, USD/CNH. USD/CNH jumped, to be met with the selling. A subdued fall so far.

This article was written by Eamonn Sheridan at Source