Chinese state owned banks reported to be selling USD/yuan
- Around 6.81
USD/CNH had pulled back quickly from levels above 6.83 earlier, dropping back 300-odd points. Reports of intervention doing the rounds now though.
- selling USD, buying yuan
Intervention is driven by the desire for not having a free fall in the yuan. Its a pretty quick devaluation anyway, but seemingly the PBOC not wanting too much more today.