Further reports of Chinese state banks FX intervention to support yuan, selling USD/CNY

<p>I posted earlier on intervention Tuesday:</p><ul><li><a href="https://www.forexlive.com/centralbank/chinas-state-banks-stepped-in-to-support-yuan-tuesday-moodys-downgraded-chinas-outlook-20231205/" target="_blank" rel="follow" data-article-link="true">China's state banks stepped in to support yuan Tuesday, Moody's downgraded China's outlook</a></li></ul><p>State bnaks have been sighted once again selling USD on Wednesday morning. </p><p>The impact so far (this is offshore yuan):</p><p>Earlier the PBoC set the reference rate stronger than expected for the CNY:</p><ul><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-mid-point-today-at-71140-vs-estimate-at-71476-20231206/" target="_blank" rel="follow" data-article-link="true">PBOC sets USD/ CNY mid-point today at 7.1140 (vs. estimate at 7.1476)</a></li></ul><p>But, they have been doing so for many months. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.