Speculators Beware, China Just Made Things “Harder Still”

First thing this morning, we spent more time than we probably should have writing about China's overnight move to make their "new" yuan fixing methodology official. You're encouraged to read the entire post here: Your “Unreal, Irrational, Herd Actions” Were Pissing China Off — But They “Fixed” It Basically, the PBoC has kind of reversed course on what they did in August, 2015. Before 2015, they would use the yuan fix to control the spot. After the devaluation (which roiled global m