This points to significant Chinese forex intervention in April. And there are no signs that is diminishing.
There is a thread of tweets on this, check it out @Brad_Setser
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The pressure for yuan devaluation is building.
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Strong evidence suggest significant Chinese FX intervention in April to prop up CNY (yuan)
Strong evidence suggest significant Chinese FX intervention in April to prop up CNY (yuan)
- We've been seeing the PBoC support the yuan for months, its getting expensive to do so
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