Technical Analysis

China FX regulator said to have surveyed some banks on yuan positioning

The Reuters report says that China’s FX regulator sent a survey to some banks late yesterday, asking them about their positioning in the currency market. Adding that the regulator questioned banks about their “market views” with the survey coming at a time when the yuan seems to have “overreacted” as some market participants are apparently “maliciously shorting the yuan”.

So far, such measures are not enough to stave off a further decline in the yuan as it fell further today. USD/CNY has now breached 7.30 after the PBOC fixed the yuan at its weakest since February 2008 earlier in the day.

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