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Financials

Large Chinese banks seen selling dollars in FX market - traders

SHANGHAI, Oct 24 (Reuters) - Large Chinese state-owned banks were seen selling dollars in the foreign exchange market in morning trade on Monday, traders reported.

China’s yuan weakened to hit fresh six-year lows against the dollar on Monday, and was trading around 6.7738 per dollar around midday. Three traders said big state-owned banks were selling dollars.

The yuan has fallen more than 1 percent over the past two weeks, in large part due to the strengthening dollar.

Some traders suspect that state-owned banks occasionally sell dollars on behalf of the central bank to keep the yuan from sliding too quickly, while others believe big banks trade on their own behalf. (Reporting By Winni Zhou and John Ruwitch; Editing by Jacqueline Wong)

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