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According to analysts at Rabobank, yesterday CNH (offshore) fell like a stone and at one point it traded past 6.80 and then today the PBOC’s CNY fixing was set at the lowest since 2016 at 6.7671 – around 600pips, or 1%, lower than the day before.

Key Quotes

“As a result, at time of writing CNH had tested past 6.8350 and was trading at 6.8183. That is through the line in the sand I had thought the PBOC would set before they seemed to set 6.70. Now perhaps we don’t have any lines or any sand at all.”

“The timing of  when we move through the psychological 7 level is all political. And politics is pretty volatile right now.”