The headlines from the People's Bank of China are here, the Bank's statement came as Ueda was rocking the yen-carry traders and after the Bank handed down a strong CNY fixing, stronger than estimated by a new record margin. Smart timing from the PBOC:

ps. Ueda and the fixing are here in summary:

The PBOC said it would take action to correct one-sided moves in the market whenever it’s needed, and:

  • they are confident in keeping the yuan basically stable
  • “Participants of the foreign-exchange market should voluntarily maintain a stable market,”
  • traders should “resolutely avoid behaviors that disturb market orders such as conducting speculative trades.”

USD/CNH update:

usdcnh pboc warning 12 September 2023