Chjina's currency once again came under the hammer yesterday.
Onshore yuan was smashed lower, USD/CNY broke above 7.20 with little effort. Highs registered were circa 7.25.
The PBoC were out with a statement trying to support the yuan
USD/CNY has since fallen back, as has the offshore, USD/CNH:
The PBoC is trying to manage a different crisis to the Bank of England. Incompetent Chinese Communist Party leadership is solely focused on getting Xi reelected to continue his reign. COVID lockdowns continue, protests are brewing (these are risky under a regime that mows people down underneath tanks) and the economy is withering under this and a collapsed property sector. China has a lot going for it, a very enterprising people if they are left to flourish.
