China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing’s prior interventions have failed to stem its currency’s worst year since 1994

• Reuters reported that China told state-owned banks to get ready to sell dollars and buy yuan in an effort to prop up the local currency.

• The move could stem the yuan’s fall, as it remains on track for its largest annual loss against the dollar since 1994.

• A hawkish Fed has pushed the dollar to 20-year highs this year, pressuring currencies around the world.

The People’s Bank of China has told major state-run banks to prepare to shed dollar…