China’s $120bn effort to prop up the yuan

China’s FX regulator is the State Administration of Foreign Exchange (SAFE).

They’ve published data for year-to-date sales of foreign currency by commercial banks

• 121.3bn net FX sold January – September

SAFE adds:

• yuan exchange is basiclly stable at reasonable and balanced levels
• FX mkt shows relatively strong resilience

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