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MNI: Little in the way of outright risk driving......>

MNI: Little in the way of outright risk driving headlines to explain the latest
bout of risk-off flows.
- Perhaps being helped by the RTRS estimate for today's PBoC fix, which is
CNY6.9994, very close to the key key CNY7.0000 level.
- Move seems a bit large for that, given that its "only" an estimate & the fact
that the fix didn't print above estimates yesterday (analysts highlighted large
residuals vs. estimates yesterday, with some pointing to the counter-cyclical
factor and others pointing to outright want from the PBoC to smooth the latest
leg lower in the yuan), but it can't be ruled out given the current market
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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