PBOC Sets Morning Fix Above 7 Tonight

by John Galt August 7, 2019 21:20 ET

Watching CNBC-Asia coverage tonight (Bloomberg was getting boring) and for the first time in my memory, they People’s Bank of China just set the domestic Yuan’s morning fix at 7.0039.

This was not as weak as market projections but it does demonstrate that the PBOC will not only poke Trump in the eye, but shove a stick up Jay Powell’s tuckus in retribution for not stemming Trump’s trade war before it accelerated.

Someone in China must have U.S. equities to sell still because it reversed S&P futures and now they are only marginally lower.

%d bloggers like this: