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CNH Under Pressure: Taking Stock of Flows and Price Action

questions and comments to alex.etra@exantedata.com and jens.nordvig@exantedata.com

The Chinese authorities have tried to stabilize the CNH into the Party Congress, but pressure has accelerated notably this week. Today, the PBOC has simply moved the fix higher, rather than attempting to stop the depreciation via other means. In general, we are observing a more defensive and reactive PBOC than we have seen in the past, reflecting that its policy options are much more limited (severe capital controls are already in place, monetary tightening is not an option given

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