China state-possessed banks sold dollars as yuan tumbled to approach seven-month low, sources say

China’s significant state-possessed banks were seen selling dollars for yuan in the coastal spot unfamiliar trade market on Tuesday to keep the nearby money from falling too quickly, four individuals with information regarding this situation said.

China’s state banks for the most part follow up for the benefit of the national bank in the country’s unfamiliar trade market, yet they could likewise exchange for their own sake.

The express banks’ activities came as the coastal yuan tumbled to a close to seven-month low against a reinforcing dollar in early arrangements on Tuesday.

The yuan last exchanged at 7.2529 per dollar starting around 0310 GMT.