Huge chop to the price of the onshore yuan from the People's Bank of China today
This is a big move today, the Bank taking nearly 250 points out of it …. yowza
- CNY at its weakest since August if 2017 now
Its prompted further weakness in CNH (the offshore yuan)
Yesterday the PBOC halted its 8 days in a row of yuan devaluations, but back on the horse, big time, today.
This will bring the 6.7 level back into sight, where thouhgs are the PBOC will stop. USD/CNH is around 6.7 already!
People's Bank of China to skips OMOs today
- 150bn in RRs mature today, so a net drain of 150bn yuan
