China's currency war on the US has been stepped up a notch - CNH to a record low

[forex4you]

China's currency war on the US has been stepped up a notch - CNH to a record low

<p>The People's Bank of China eviscerated the onshore yuan setting today:</p><ul><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-central-rate-at-71668-vs-estimate-at-71348-20221025/" rel="follow" target="_self" class="vertical-align-baseline">PBOC sets USD/ CNY central rate at 7.1668 (vs. estimate at 7.1348)</a></li></ul><p>That translates to a PBOC cut to the CNY reference rate by 448 points, biggest since June, and sending CNY to its lowest since February of 2008.  </p><p>Check that post out for the huge injection of funds in open market operations today also. </p><p>The offshore yuan dropped to a record low against the USD on the fixing. </p><p>To the extent that a weaker currency is supportive of China's export industries it's a step up in China's aggressive economic war with the US (and everyone else).</p><p>USD/CNH:</p><p>ADDED - China state banks are in the market offering USD/CNY.</p><p>--</p><p><a href="https://www.forexlive.com/terms/e/eur/" target="_blank" id="b0427fd7-674c-4ad1-b689-22d1f8b087b0_1" class="terms__main-term">eur</a> </p>

                This article was written by Eamonn Sheridan at forexlive.com.

Source: China's currency war on the US has been stepped up a notch - CNH to a record low

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