Huge unwind in yuan weakness underway
USD/CNH -- the offshore yuan -- is surging today. The motivation is no doubt intervention after a spike above 6.70 the pair has been in absolute freefall and is at 6.5967.
The daily decline of 1.28% is the largest since the semi-free float was introduced.
This is seemingly a total about-face from China and a sign they're hitting the panic button on the stock market decline.
