Exclusive-China’s major state banks sell dollars for yuan in London, NY hours – sources

China's major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to arrest the yuan's rapid losses. State banks usually act on behalf of China's central bank in the country's foreign exchange market, but they could also trade on their own behalf or execute their clients' orders. Offshore branches of the state banks were seen selling dollars during London and New York trading hours this week, two sources with direct knowledge of the matter said on Thursday.