China: Yuan bears emerge from hibernation - Rabobank

Michael Every, Head of Financial Markets Research at Rabobank, notes that there is a bearish CNY headline, this time Bloomberg noting “Yuan Bears Emerge From Hibernation as Fed Imperils G-20 Calm”.

Key Quotes

“Notably, CNH broke through the psychological 6.70 level yesterday before what looked like some form of intervention pushed it straight back down to 6.6870 at the close. Of course, the PBoC will continue to send the message to speculators that short CNY/CNH trades are painful anyway it can; however, tomorrow’s PMI data may continue to show weakness in terms of underlying fundamentals.”