PBoC In Record-Long Fight To Support Yuan. China Trade Still Weak

Absurd as this is in some cases, it's best to just accept that the narrative around a given macro dynamic can, and invariably will, change every day depending on that day's data. To some extent, that's intuitive -- an example of "letting the data speak." But there's something profoundly ridiculous about it too. China was in terminal decline on Tuesday and Wednesday, but somehow, the worst was over by Thursday. Or at least that's what you'd be inclined to believe if you read Tuesday and Wednesd