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Yuan Slides After PBOC Reportedly Wary Of Recent Sharp Gains

Courtesy of ZeroHedge. View original post here.

As we detailed last night, the recent surge in the yuan has been almost unprecedented against a backdrop of dismal economic data, a still tightening Fed and an aggressively easing PBOC.

And it appears PBOC has had enough of it as MNI reports this morning that the central bank does not want a sharp appreciation by the yuan, citing a source close to the People’s Bank of China.

That prompted an immediate reversal of some of yesterday's gains…

Not entirely a surprise, as  Michael Every, head of Asia financial markets research at Rabobank in Hong Kong, warned:

“The yuan can hold up fine” until the Fed hikes again, trade tensions resume and China “goes all-in on stimulus,”

“It’s a ‘when’ and not an ‘if’ for when it reverses direction again and we test new lows."

It seems when is now. Will Yuan catch down to 'fundamentals'?


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