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PBoC Yuan Reference Rate Fix Stirring Smaller Market Reactions

FX_IDC:CNHUSD   OFFSHORE CHINESE YUAN / U.S. DOLLAR
34 0 4
In the Tuesday and Wednesday PBoC Yuan reference rate fixes, we witnessed dramatic response from the markets to the seeming devaluation move. The FX response seems to be moderating, and overnight equity market response seems to have cooled this morning. The verdict is still out though on how permanent the calm is though.
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