With China returning from the Spring Golden Week holiday, it is catch-up time for the Yuan (notably higher against a weakening USD) and Chinese stocks (significantly lower – though not as much as some might have expected given China ETFs). The PBOC strengthened the Yuan Fix by the most since the first week of November, catching it up to the 15 handle strengthening in offshore Yuan since the pre-holiday lows.
The Yuan Fix is significantly higher…
As it catches up to the huge strengthening in offshore Yuan (thought note that CNH is being sold pretty hard as China opens)..
And equities are catching down to the rest of the world's weakness…
But not as much as expected…
- *SHANGHAI COMPOSITE FALLS 2.8% AT OPEN
- *CHINA'S CSI 300 INDEX SET TO OPEN DOWN 2.5% TO 2,888.43
via Zero Hedge http://ift.tt/1RE23WC Tyler Durden