PBOC devalued yuan last night again, this time by 1.1% (vs. 1.9% on Tuesday and 1.6% on Wednesday). They said that the move is about transition to more market based approach to yuan pricing. That sounds good, but I think they don't mind that their currency weakened as a "side effect".

The pair (USD/CNH) found support around Tuesday's high (6.4350). Wednesday's pullback looks quite deep. It's not a classical one way market in this case but, with reference rate (fix) now at 6.4010, I think further upside is likely in the days ahead. Stronger supply may come in above 6.55.

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