Yuan fix vs estimate blows out to a new record of 1,111 pips
https://twitter.com/zerohedge/status/16 ... 0209281396
The onshore yuan dropped to a nearly 16-year low against the US dollar yesterday, as pessimism grew toward China's economy and financial markets.
Foreign currency reserves and exports also dropped.
"The yuan will likely remain under significant pressure before economic growth finds a floor and the PBOC will continue to defend the yuan". "However, the PBOC's objective is likely to slow yuan depreciation, rather than defending an absolute level."
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