The People's Bank of China sets the reference rate for the CNY each day

  • Then allows to fluctuate only +/- 2% for the day
  • The 'offshore' yuan, CNH, can fluctuate to its heart content. Though the PBOC has at time exerted strong influence on its value (for example, through acting to limit CNH liquidity and thus squeezing out short sellers)

Back into it!

  • Yesterday's mid point was set at 6.5596

So, marginally stronger again for yuan

Here is the mid point for the past 6 months

Anyone wants to do some technical analysis?

Here's mine:

  • The trend is up (Captain Obvious is in da house)
  • The current pullback is shallow
  • The risk is for a jump higher, and I'd say soon. But as to exact timing - I'm gonna wuss out on that