The People’s Bank of China (PBOC) has set the yuan reference rate at 6.1580 versus 6.1556 yesterday. No liquidity drainage today but SHIBOR is still climbing:
The chart remains very sharply up for US/CNY and is closing swiftly on the erasure of two years of appreciation:
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If there are any CNY longs left, they’re getting a caning.
Also today from Reuters:
The Chinese Academy of Social Sciences (CASS), one of Beijing’s top government think tanks, has revised its 2014 GDP growth forecast down to 7.4 percent, below the official 7.5 percent target, and says that growth could slow to as low as 7 percent, state media reported on Wednesday.