Is this where Chinese authorities are drawing a red line for the currency? Perhaps.
The Politburo's pledge earlier appears to be doing the trick as it is drawing support for the currency after they vowed to bolster the economy here. It isn't much but as with China headlines, the timing of things is always arguably more important.
The latest remarks there comes amid the recent slide in the yuan currency and we are seeing a bit of a pause, with perhaps some state players also being called in to help with that.
The onshore yuan is now back under 6.60 against the dollar after hitting a high of 6.65. Meanwhile, the offshore yuan is down to 6,62 on the day after having hit a high of 6.69 earlier.
In part, this is also helping to pin the dollar down across the board with the aussie and kiwi also finding some modest reprieve.
