PBOC fixed the yuan dramatically stronger against the dollar overnight, sending offshore yuan surging to its strongest against the dollar in six months.
This was the biggest positive shift in the yuan fix in 19 months…
Notably, the yuan is strengthening considerably more against the dollar than it is against the broad basket of trade partner currencies…
And coincidentally, the surge in yuan comes the day after gold prices broke out higher – perhaps prompting the action to manage the Yuan peg against gold back into balance…
via ZeroHedge News http://bit.ly/2B7IGTj Tyler Durden