August 3, 2018 / 8:46 AM / 3 months ago

China state banks seen selling dollars in FX markets as yuan slides- traders

SHANGHAI, Aug 3 (Reuters) - Major state-owned Chinese banks were seen selling dollars at around 6.9 per dollar in the onshore foreign exchange market on Friday afternoon, three traders said, in an apparent attempt to prevent the Chinese currency from sinking too fast.

The onshore spot market opened at 6.8571 per dollar, weakening to a low of 6.8965 at one point on Friday afternoon. It finished domestic trading at 6.8620 at 0830 GMT.

Its offshore counterpart was trading at 6.8930 per dollar.

State-owned banks sold dollars in the forex market regularly in late 2015 and 2016 in what some traders believed was part of official efforts to prop up the yuan. (Reporting by Winni Zhou and Andrew Galbraith; Editing by Nick Macfie)

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