10 days of yuan declines probably isn't as bad as you think
The yuan fix today is getting lots of attention.
The PBOC limits yuan movements to 0.09% from the midpoint each day. Despite 10 days of declines, the yuan has fallen just 1.49% in the past two weeks.
The Australian dollar fell more than that in a five-hour span on Thursday.
Here is the normalized performance of the US dollar against AUD and against CNY over the past 10 days.
