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USD/CNH Slips to New Daily Lows on Fresh State Bank USD Sales Headline


Bloomberg report that state banks have been told to escalate the pace of their CNY intervention this week, in the latest attempt to curb pressure on the yuan, citing sources.

  • Fresh daily lows in USD/CNH on the back of that headline - USD/CNH through weak intraday support of 7.3215 and slipping further at typing. 7.3043 the next downside level to watch for - the Aug 16 low.
  • Moves follow the Q2 Monetary Policy Report from the PBoC that reaffirmed their approach to policy and pledged to "resolutely prevent over-adjustment risks of CNY exchange rate".

Full PBOC policy report found here:

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