SHANGHAI/BEIJING — China’s major state-owned banks were seen selling dollars on Wednesday afternoon, driving the yuan to the stronger side of 6.9 per dollar, four sources with knowledge of the trading said.
The yuan is hovering near two-year lows, but since mid-morning ground higher and closed the domestic trading session at 6.8095.
The sources, all currency traders, said the state-bank trading moved the market and seemed aimed at forcing the onshore close below 6.9. They requested anonymity because they are not authorized to speak publicly. (Reporting by Shanghai and Beijing newsrooms; Writing by Tom Westbrook)