Former People’s Bank of China official Sheng Songcheng
Writing a piece in China Business News.
- says the yuan falling through 7 may shake the confidence of markets
- increase pressures on capital outflows
- devaluing the yuan has only a small positive impact on trade
Not dropping under 7 is a popular view. Not there yet anyway.
USD/CNY was set at 6.8988 today by the PBOC.
CNY has been weak.
Meanwhile USD/CNH (CNH is the offshore)