China's major state-owned banks reportedly selling dollars to defend yuan currency today

<p>The rebound in Chinese stocks barely lasted a few days as the market rout continues this week. The Shanghai Composite is already down 4% this week alone with the Hang Seng also down over 3% on the week going into the close today. The outflows continue to weigh on the yuan and that is seeing the PBOC call on major banks to step in more frequently.</p><p>The onshore yuan itself is trading more steadily on the day, largely helped by these "interventions". USD/CNY is seen at 7.18 levels as it seems that Chinese authorities are to surrender a break of 7.20 in the pair.</p>

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