PBoC Strengthens Yuan Fix For 8th Day – Longest Streak Since 2015

As noted earlier, the offshore yuan snapped a record 14-day winning streak against the dollar on Tuesday after the PBoC strengthened the yuan fix less than expected overnight. Again, it's all about expectations. That is, the PBoC ostensibly takes the previous day's action into account when determining the next day's fix, although during the late May/early June epic short squeeze, they added a "counter-cyclical adjustment factor" that gives them a license to do as they please in the event they