There’s More To Come – Offshore Yuan Signals Further Devaluation Tonight

(Before It's News)

Despite 2 significant interventions to stall what is likely an avalanche of wrong-way carry trade unwinds (or perhaps to stop the boat swinging to the other side too much), offshore Yuan has continued to depreciate since China closed and now implies another 1% devaluation is looming (having been up to a 2.6% discount earlier in the day).

PBOC intervened in CNY overnight…

But CNH remains adamant that more devaluation is coming…

CNH nailed it overnight… will it be right again tonight?

Charts: Bloomberg

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