This comes with USD/CNY trading close to 7.20 after having ascended to its highest levels since early 2008 at the end of last month, with the high then briefly touching 7.25. Reuters sources are noting that the China state banks were spotted acting in the swaps market to try and stabilise the yuan as we get things going on the week.
The timing is interesting as it also comes amid the National Congress, which started yesterday, where we also saw the trade balance data being delayed on Friday. Now it brings into question whether or not we will even get the Q3 GDP figures and other key data for September tomorrow from China.
