Chinese Yuan Suddenly Tumbling
https://www.zerohedge.com/markets/chinese-yuan-suddenly-tumbling
The move was unexpected, following a stronger than expected setting of the USDCNY by the PBOC, whose midpoint was set at 7.1092, far stronger than the 7.1220 expected and the 12 year low of 7.1293 hit on Tuesday. The drop comes just hours after Bloomberg reported that Trump administration was considering sanctions including transaction controls, and asset freezes, over the implementation of the new national security law in Hong Kong.
While the offshore yuan is not at all time lows yet - it would need to hit around 7.20 for that - there has been no news to justify the move, with the sudden move sparking speculation that Beijing may be using it to telegraph the devaluation that could follow should the US escalate aggressively in response to a Hong Kong crackdown.