The headlines from the People's Bank of China are here, the Bank's statement came as Ueda was rocking the yen-carry traders and after the Bank handed down a strong CNY fixing, stronger than estimated by a new record margin. Smart timing from the PBOC:
ps. Ueda and the fixing are here in summary:
The PBOC said it would take action to correct one-sided moves in the market whenever it’s needed, and:
- they are confident in keeping the yuan basically stable
- “Participants of the foreign-exchange market should voluntarily maintain a stable market,”
- traders should “resolutely avoid behaviors that disturb market orders such as conducting speculative trades.”
USD/CNH update:
![usdcnh pboc warning 12 September 2023](https://images.forexlive.com/images/usdcnh%20pboc%20warning%2012%20September%202023_id_06cd0a38-b027-4d81-a582-fdad077885fb_size900.jpg)