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For the 10th day of the last 11, onshore yuan has weakened against the dollar. A 0.35% devaluation of the Yuan fix – the most since August – catching down to offshore Yuan’s weakness, suggests (for now) PBOC policy is ‘allowing’ the drop and perhaps sending yet another ‘turmoil-induing’ message to The Fed as their hawkishness grows.
Since the start of Golden Week, yuan has plunged…
Plunging Yuan back near pre-peg-break levels from Sept 2010…
Sending a message?
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