Yuan decline accelerates. Whodunnit?

The PBoC on Wednesday morning set yuan parity at 7.1092. But that was either a serious misjudgement of the forces tugging at the Chinese currency or a pretty deft headfake. Which was it? Here are the FX facts: This morning’s fixing was substantially stronger than Tuesday’s of 7.1293. But by 2:45pm HK time, the yuan had […]