Yuan sharp reversal

FX:USDCNH   U.S. Dollar/Chinese Yuan
This morning we saw another one sharp reversal of Yuan to growth.

In the previous month, the People's Bank of China actively engaged in interventions in the foreign exchange market and spent on it more $34 bln, protecting national currency from disordrly decline, although it did not interfere USDCNH’s from crawling up.

In November, we have already seen a couple of sharp kickbacks of the pair associated with good news from China, but the scale of the decline suggests that it was also the intervention of the PBC.

However, such interventions do not fundamentally change the sentiment in the markets, and the moment of growth should be a quick return to the fundamental trend.
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