The Wall Street Journal overnight on People's Bank of China efforts to stabilise the CNY

  • China's central bank is effectively anchoring the yuan to the dollar
  • Policy has helped stabilize the currency in a year of political transition and market jitters about China's economic management
  • The yuan weakened more than 6% against the dollar in 2016; this year, it is up roughly 1%
  • Implied volatility-is around its lowest in nearly two years
  • The newfound tranquility may not last ... pressure on the yuan to weaken could get dangerously bottled up, potentially bring bouts of sharp devaluation

The Journal piece is here, may be gated:

China Hitches Yuan to the Dollar, Buying Rare Calm
Beijing stabilizes its currency amid market turmoil in a year of political transition