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State banks support yuan with dollar sales

In light of a fall in yuan exchange rates, major state-owned banks intervened in the foreign exchange market. They sold US dollars to prop up the ailing yuan, two people with direct knowledge of the matter told Reuters. The yuan then recovered from a 14-year low of 7.3746 per dollar to 7.3034. Chinese state-owned banks usually trade on the foreign exchange market on behalf of the central bank, which in turn answers directly to the Chinese leadership.

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