Further reports of Chinese state banks FX intervention to support yuan, selling USD/CNY

I posted earlier on intervention Tuesday:

• China’s state banks stepped in to support yuan Tuesday, Moody’s downgraded China’s outlook

State bnaks have been sighted once again selling USD on Wednesday morning.

The impact so far (this is offshore yuan):

Earlier the PBoC set the reference rate stronger than expected for the CNY:

• PBOC sets USD/ CNY mid-point today at 7.1140 (vs. estimate at 7.1476)

But, they have been doing so for many months.

This article was written by Eamonn Sheridan at www.forexlive.com. Source