The onshore yuan (CNY) continues to fall – to the lowest since October 2021

While the onshore yuan was not as weak as expected, it was still a new forward benchmark low 9i.e. high USD/CNY rate) since November 11 of last year.

Since the middle rate adjustment, the CNY has lost again:

The PBOC cut its RRR rate slightly at the end of last week:

And then left its benchmark interest rates unchanged:

It looks like the Bank is offering economic stimulus by encouraging the decline of the yuan:


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