There is resistance to overcome around 7.35. I posted yesterday on likely state bank intervention at that level.
So far, so good:
Nomura forecast 7.5 by end-November. Analysts at the bank also warn of PBOC intervention. Nomura say that intervention from the State Administration of Foreign Exchange is unlikely, it'll be conducted via state-owned commercial banks. State owned banks are estimated to have around USD630bn in foreign exchange holdings to help fund such action. '
