Aug 12

Yuantervention: PBOC Devalues The Yuan, Then Scramble To Support It In The Open Market (ZeroHedge, Aug 12, 2015):

As we noted earlier, the most surprising development out of this mornings repeat rout in the Chinese currency was not that it happened: after all as we laid yesterday out there is at least 10-15% in immediate downside left for the Yuan but that shortly before the market close, China’s central bank intervened via “at least one major Chinese state-owned bank sold large amount of dollar shortly before market closed, prompting rapid gain in yuan, according to two traders at onshore banks” Bloomberg reported adding that at least one state bank continuously sold dollar until USD/CNY reached around 6.38.

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