China said to view 7.00 as "important" level in USD/CNY, likely to intervene to stop rapid yuan fall

Author: Justin Low | Category: News

According to a Reuters source

Saying that Chinese authorities are viewing the 7.00 threshold to be an important one for the pair and that they would likely intervene to stop a rapid fall in the yuan. USD/CNY touched a decade high earlier in the day but soon after gave back those gains and moved lower.
It is now trading very much flat on the day and the comments here should keep buyers in-check for the time being, until the next PBOC fixing allows for a move higher that is.

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