Offshore yuan getting slammed lower after surprise PBOC rate cuts

The People’s Bank of China cut the MLF to 2.5% from 2.65 previously:

And cut the reverse repo rate to 1.8% from 1.9% previously

Offshore yuan, CNH, getting sold healivly:

Coming up at the top of the hour, China economic data for July:

I think it fair to have low expectations for these given the PBOIC has cut rates.

This article was written by Eamonn Sheridan at Source