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Strong evidence suggest significant Chinese FX intervention in April to prop up CNY (yuan)

Strong evidence suggest significant Chinese FX intervention in April to prop up CNY (yuan)

Central Banks
Eamonn Sheridan
19/05/2024 | 21:04 GMT
  • We've been seeing the PBoC support the yuan for months, its getting expensive to do so

This points to significant Chinese forex intervention in April. And there are no signs that is diminishing.

china pboc cny intervention Monday, 20 May 2024

There is a thread of tweets on this, check it out @Brad_Setser

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The pressure for yuan devaluation is building.

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