USD/CNY slumps to 2-month lows on USD selling

The Chinese Yuan jumped to fresh 2-month highs against its American counterpart on Thursday, knocking-off USD/CNY to 6.8687 lows, before recovering some ground to now trade around 6.8735, still down -0.24% on the day.

Traders cite that the main reason behind the rise in Yuan is on the back of major state-owned banks selling USD in onshore market.