The yuan (onshore, USD/CNY) was set much lower by the PBOC today, the CNH took a cue and has since plunged (more)
For the basket, as the headline says in in in an easy puzzle, lower. OK, that was a gimme :-D
RMB against its basket was set by CFETS today at 93.78 (from 94.78 the previous Friday.
Today its hit its lowest since late August 2017
Done nearly 4.5% from its high in June this year
Chart is only up to last week, but draw a drop like a rock line for this week and you'll get the idea :-D
Trade war … PBOC locked and loaded!
I can't help but recall the "yuan is not weak its only falling against a strong USD" dismissals of the PBOC up until a few weeks ago. I didn't' like 'em then, and they have not aged well :-D
