PBoC: the verbal internvention continues – TDS

By FXStreet FXStreet (Guatemala) – Analysts at TD Securities noted that China’s August FX reserve figures were meant to be the highlight, but showed a decline of $93.9bn.

Key Quotes:

“While the largest drawdown in Chinese reserves ever and slightly more than the thin Bloomberg consensus, this was short of some of the fears that it could have been twice that figure.”

“The PBoC Governor on the sidelines of the G20 meeting over the weekend said that that correction in the stock market was almost done and that the yuan was close to stabilizing as the verbal intervention continues.”

“We also had regulators continuing to try and manage expectations from their side, as the CSRC announced over the weekend that they would continue to support “market stability” and would be looking into creating circuit breakers to limit equity volatility.”
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Source:: FX Street