China state banks reportedly seen selling dollars to prop up the yuan

<p>This adds to the earlier intervention efforts this week, with Reuters reporting that China's major state-owned banks were seen selling dollars again today in exchange for the yuan in the onshore market. One of the sources said that "the 7.25 level could be the floor (ceiling in the case for USD/CNY) in the near-term".</p>

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