China's major state-owned banks reportedly seen mopping up offshore yuan liquidity today

<p>This continues from last week's developments here:</p><ul><li><a href="https://www.forexlive.com/news/china-reportedly-told-state-banks-to-escalate-yuan-intervention-this-week-20230817/" target="_blank" rel="follow">China reportedly told state banks to escalate yuan intervention this week</a></li></ul><p>As concerns surrounding China's economic prospects grow deeper, so is the pressure on the yuan currency. That continued today as well after the PBOC delivered a less-than-convincing rate cut. And as mentioned at the time last week, these stop-gap measures won't really do. Where is the fiscal help, more importantly? Beijing has to dig deeper and fast.</p>

This article was written by Justin Low at www.forexlive.com.