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Yuan Tumbles As PBoC Gambit Puts The Brakes On – At Least For Today

I'm not sure it will ultimately be enough to get the job done, all things considered, but the PBoC's decision to effectively remove a barrier to speculation against the yuan (that's a crude way to describe it, but it gets the point across) by cutting a reserve requirement put in place in the days following the devaluation in 2015 seems to have succeeded in putting the brakes on the rally - if only for a day.

I'm not sure it will ultimately be enough to get the job done, all things considered, but the PBoC's decision to effectively remove a barrier to speculation against the yuan (that's a crude way to describe it, but it gets the point across) by cutting a reserve requirement put in place in the days following the devaluation in 2015 seems to have succeeded in putting the brakes on the rally - if only for a day.
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