Offshore yuan lending rates decline from their record yesterday

Yuan HIBOR fix now - the overnight rate:

• On Monday it hit a record 13.4%
• Then, yesterday it smashed that record for a new one at 66.8%
• Today its pulled back a bit from those heights, 8.31%

The PBOC wants to control the rate at which the yuan declines, which is why they crushed CNH shorts looking for further devaluations. The bank has held the yuan fix onshore stable now for 4 days, and it appears its 'mission accomplished' in the overnight lending marker for the time being too.

This comes on top of good trade balance data for December, with a much better than expected export performance.

Chinese stocks are higher today, but not large - the Shanghai Composite up 0.11% as we approach the lunch break.