The People's Bank of China devalued the onshore yuan again today at the refence rate setting
Taking USD/CNY to its highest (and thus lowest for the CNY) since May 12 2017
The market has enthusiastically endorsed the move (as it has been for a while now :-D ) taking USD/CNY now above 6.9
Meanwhile, more National Development and Reform Commission comments:
- China will maintain proactive fiscal policy
- China will maintain prudent monetary policy
- Chia to firmly curb home price rises
Yeah, K tks …. eyes on the currency though:
The yuan has suffered from the USD strength, but (broken record time) its also slumped against the currencies in its basket.
