7 Cannot Fall: With Yuan Near Weakest In A Decade, Beijing Prepares To Sell Reserves

7 Cannot Fall: With Yuan Near Weakest In A Decade, Beijing Prepares To Sell Reserves

Suddenly, just before 4 PM local time on Friday, the Chinese yuan rallied hard after spending the entire day trading weaker against the the dollar. It was a rather abrupt about-face and as you can probably surmise from the timing, this was state intervention via policy banks, likely designed to influence the next fix. Remember, this whole thing is to a certain extent absurd. Let’s take a trip down memory lane for a moment. Here’s one of my all-time favorite characterizations of the 2015 d
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