China's state banks step in to support as yuan weakens to six-month low, sources say

FILE PHOTO: A bank employee counts China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand. REUTERS/Athit Perawongmetha//File Photo

BEIJING/SHANGHAI: China's major state-owned banks were acquiring U.S. dollars in the offshore foreign exchange market before selling them in the spot market to stabilise the Chinese currency in recent sessions, people with knowledge of the matter said on Wednesday.

The state bank actions came as the Chinese yuan fell to a six-month low on Wednesday against a resurgent dollar.