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

We still maintain that it's just a matter of time before one of these fixings comes in much, much weaker than expected. That's not to say the medium-term trend won't be a stronger yuan and it's certainly not to suggest that the PBoC is eager to upset any apple carts ahead of the Party Congress next month. It's just to say that if there's anything the PBoC hates, it's the idea that market participants think the currency is a one way trade. And this is becoming a one-way trade.

We still maintain that it's just a matter of time before one of these fixings comes in much, much weaker than expected. That's not to say the medium-term trend won't be a stronger yuan and it's certainly not to suggest that the PBoC is eager to upset any apple carts ahead of the Party Congress next month. It's just to say that if there's anything the PBoC hates, it's the idea that market participants think the currency is a one way trade. And this is becoming a one-way trade.
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