The Chinese government, with its FX reserves of $3.4 trillion, announced it intervened to buoy its currency. They’ve been trying to stem losses in the Yuan since the summer, allocating more than $100 bill per mo in the process.
“State-owned banks were offering dollar liquidity around 6.59, suspected to be on behalf of the central bank,” said a trader at a European bank in Shanghai. “This happened both today and yesterday.”
The Yuan was rallying v the dollar for the first time in 9 days. But now it’s about flat. The question is: can it hold?
Dow futures are higher by 126.
China is up 1.6%.
Oil is up 1.3%.
All of this is fine and dandy; but there’s an underlying uneasiness to this tape. It’s suspect.
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Trump is GOD !
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Glorious cover pic, now that I’ve been educated by Raul that in China, red = green…