China's yuan fell to an 11-year low against the dollar on Thursday due to w...
Major Chinese state-owned banks were seen supporting the yuan by receiving dollar/yuan swaps, traders told Reuters.
This could place unwanted attention on the yuan after the U.S. Treasury declared China a currency manipulator in an escalation of the U.S.-China trade war. Minutes from the Fed’s last meeting released on Wednesday showed policymakers were deeply divided over whether to cut interest rates but were united in wanting to signal they were not on a preset path to more cuts.
The Fed and other central banks are cutting interest rates to contain a global economic slowdown caused by a prolonged trade war between the United States and China.
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