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The People’s Bank of China (PBOC) raised its yuan midpoint rate to 6.7662 – the biggest one-day fix in percentage terms since July 5.

The firmer daily fix could help the oversold Chinese currency stage a stronger corrective rally.

That said, the relief could be short-lived, courtesy of the Sino-US trade tensions and the rising odds of a full-blown currency war between two of the world’s biggest economies.

At press time, USD/CNY is trading at 6.7313, having clocked a one-week low of 6.7360.