Reuters reveals China state banks seen supporting yuan to steady declines

Reuters revealed that China’s major state-owned banks have been active in the yuan forwards markets, using swaps to curb greenback supply as authorities sought to slow the currency’s decline after its break past the key 7 to the dollar threshold. The move to contain the yuan’s decline comes after the Sino-U.S. trade war broadened to include foreign exchange with Washington branding Beijing a currency manipulator for the first time since 1994.