China's major state-owned banks were selling U.S. dollars in the onshore spot foreign exchange market for a second day on Wednesday to support the yuan currency, three sources with knowledge of the matter said. The yuan has come under renewed depreciation pressure after rating agency Moody's on Tuesday cut its outlook on China's government credit ratings to negative from stable, citing expectations of slower economic growth and property market risks. State banks were busy buying the yuan in currency markets on Tuesday to prevent it from weakening too much, and their dollar selling became very forceful after the ... (full story)