Daily Kickstart (Currency Chaos Edition)

Daily Kickstart (Currency Chaos Edition)

Another day, another batshit crazy session in RMB world. The offshore yuan suffered its biggest two-day decline since last June, while the onshore spot was relatively stable after the PBoC weakened the daily fix by the most since June 27. Policy banks were sellers of USDCNY at 6.9340, one trader told Bloomberg. Offshore liquidity conditions improved a bit as the CNH fell, with O/N CNH HIBOR falling to 14%. "[The] yuan has limited leeway to advance further in face of renewed dollar strength",
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