China’s central bank has asked major state-owned banks to be prepared to sell dollars for the local unit in offshore markets as it steps up efforts to stem the descent of the yuan, four sources with knowledge of the matter said.
State banks were told to ask their offshore branches — including those based in Hong Kong, New York and London — to review their holdings of offshore yuan and ensure US dollar reserves are ready to be deployed, three of the sources, who declined to be identified, told Reuters.
