When I say 'looks like' …. yeah … 'is'.
- Big state banks in China selling USD/CNY
- around 6.97 in USD/CNY
USD/CNY came back to under 6.96 and circa 6.9625 as I update
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I reckon they'll be slowing the fall of yuan only.
Think of this a speed bump, not the end of the road for a lower yuan.
ps. Chinese stocks are seeing a come back after opening lower.