PBOC set the onshore yuan stronger than expected, USD/CNH tumbling

I posted earlier on likely moves from the People’s Bank of China to slow down the drop for the yuan:

Which is what we have today. While the CNY is weaker, its been set not nearly as weak as was expected:

USD/CNH has dropped (CNH is the offshore yuan, its gained from its earlier lows on the back of the PBOC CNY reference rate today)

This article was written by Eamonn Sheridan at www.forexlive.com. Source