China is making moves to stabilize its currency, as the world’s second-largest economy continues its tailspin. The country’s major state-owned banks have embarked on a campaign to tighten liquidity in the offshore foreign exchange market and sell off U.S. dollars onshore in an attempt to prevent the yuan from free-falling on Monday, Reuters reported citing four sources familiar with the situation. “It is a clear policy signal to stabilize the yuan and counter the negative market sentiment on equities,” Gary Ng, a senior economist for Asia Pacific at Natixis, told the outlet. China held its benchmark lending rates ... (full story)