Major state-owned Chinese banks intervened in Yuan market

As the Chinese Yuan extends the sell-off versus its American counterpart, traders are reporting about the intervention by the state-owned banks.

Major state-owned Chinese banks are seen selling dollars in Yuan market at around 6.81 Yuan/ US dollar to stem the Yuan declines.

The USD/CNY pair rallied hard to print fresh one-year highs at 6.8117 before reversing sharply to 6.7930 levels, where it now wavers.