China's major state-owned banks reportedly seen mopping up offshore yuan liquidity today

This continues from last week's developments here:

• China reportedly told state banks to escalate yuan intervention this week

As concerns surrounding China's economic prospects grow deeper, so is the pressure on the yuan currency. That continued today as well after the PBOC delivered a less-than-convincing rate cut. And as mentioned at the time last week, these stop-gap measures won't really do. Where is the fiscal help, more importantly? Beijing has to dig deeper and fast.