The daily fix for the managed float that is the Chinese Yuan is in, with the midpoint set at 6.5637, versus yesterdays 6.5616, so a slight weakening.
Of course offshore the situation is different, and instead of a notional 2% +/- move “allowed” internally, there’s substantially more volatility:
Next we wait the open of Chinese stock markets as a magical reprieve was made yesterday, with the Shanghai Composite holding the line/fort/wave of selling at the 3000 point barrier with a beautifully contrive rally right after lunch!
Funnily enough, even with a big rally on Wall Street, the futures are indicating slight falls at the open today, around the 0.6 to 0.7% mark.
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