CNH is rising still, hitting highs not since early November 2024:

This further extension for the yuan comes as the PBoC 'flips' its damping in the CNY from support for the CNY to an effort to slow its rise:

• PBOC sets USD/ CNY reference rate for today at 7.1833 (vs. estimate at 7.1737)

Country Garden Holdings, formerly China’s top property developer by contracted sales, will appear in a Hong Kong court on Monday to request more time to progress its $14.1 billion offshore debt restructuring.

The company has reportedly gained backing from creditors representing over 70% of its debt.

However, as of May 22, key bank lenders had yet to sign on, according to media reports.

-

I'm not sure this saga will ever end!

The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%.

Previous close was 7.1798

This is a change from the PBoC today, the 'damping' of the yuan has flipped.

more to come

A couple of snippets from analysts on Friday, that have proved prescient, comments indicating Trump's tariff threats being viewed as hollow.

Vanguard:

• investors expect the steep 50% tariff proposal on imports from the E.U. to be negotiated down, similarly to what happened with China
• market has slowed down now because it's happened before, and we know what happened before
• "It's kind of like the boy who cried wolf"
• administration is not crazy, they have a plan and there is a limit," to how far they will go

Barclays:

• threats on the EU are ‘primarily a negotiating tactic’
• "the US has not turned the page on tariffs and that more trade policy volatility lies ahead”

CNH is rising still, hitting highs not since early November 2024:

This further extension for the yuan comes as the PBoC 'flips' its damping in the CNY from support for the CNY to an effort to slow its rise:

• PBOC sets USD/ CNY reference rate for today at 7.1833 (vs. estimate at 7.1737)

Country Garden Holdings, formerly China’s top property developer by contracted sales, will appear in a Hong Kong court on Monday to request more time to progress its $14.1 billion offshore debt restructuring.

The company has reportedly gained backing from creditors representing over 70% of its debt.

However, as of May 22, key bank lenders had yet to sign on, according to media reports.

-

I'm not sure this saga will ever end!

The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%.

Previous close was 7.1798

This is a change from the PBoC today, the 'damping' of the yuan has flipped.

more to come

A couple of snippets from analysts on Friday, that have proved prescient, comments indicating Trump's tariff threats being viewed as hollow.

Vanguard:

• investors expect the steep 50% tariff proposal on imports from the E.U. to be negotiated down, similarly to what happened with China
• market has slowed down now because it's happened before, and we know what happened before
• "It's kind of like the boy who cried wolf"
• administration is not crazy, they have a plan and there is a limit," to how far they will go

Barclays:

• threats on the EU are ‘primarily a negotiating tactic’
• "the US has not turned the page on tariffs and that more trade policy volatility lies ahead”