CNY Fix and SHIBOR Suggest Blaming PMI’s Is Half The Story
There does seem to be internal financing adjustments going on inside the arcane and cumbersome framework of CNY to US$. Whether or not that is desirable remains to be seen, but the case of the past few weeks suggests, and somewhat strongly, that the PBOC is again losing control. What it is almost certainly like trying to squeeze a balloon, [...]
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