The People’s Bank of China set the CNY weaker today, its weakest in around 6 weeks. The US dollar is, of course, supoer-strong so the Bank is under pressure:
Chart is of offshore yuan, USD/CNH. USD/CNH jumped, to be met with the selling. A subdued fall so far.
This article was written by Eamonn Sheridan at www.forexlive.com. Source