The sources say that the move seemed aimed at driving a stronger yuan for the day and forcing the onshore USD/CNY rate to close below 6.90. As mentioned earlier:
China state-owned banks reportedly seen selling dollars in onshore market
![](https://www.dollar-to-peso.com/wp-content/uploads/2022/07/m1m1m.jpg)
The sources say that the move seemed aimed at driving a stronger yuan for the day and forcing the onshore USD/CNY rate to close below 6.90. As mentioned earlier: