ICYMI – The PBoC warned traders to be wary of short yuan speculation

<p>The headlines from the People's Bank of China are here, the Bank's statement came as Ueda was rocking the yen-carry traders and after the Bank handed down a strong CNY fixing, stronger than estimated by a new record margin. Smart timing from the PBOC:</p><ul><li><a href="https://www.forexlive.com/centralbank/yuan-exchange-rate-has-solid-basis-to-stay-reasonably-stable-pboc-20230911/" target="_blank" rel="follow" data-article-link="true">Yuan exchange rate has solid basis to stay reasonably stable – PBOC</a></li></ul><p>ps. Ueda and the fixing are here in summary:</p><ul><li><a href="https://www.forexlive.com/news/forexlive-asia-pacific-fx-news-wrap-ueda-comments-send-usdjpy-plunging-20230911/" target="_blank" rel="follow" data-article-link="true">ForexLive Asia-Pacific FX news wrap: Ueda comments send USD/JPY plunging</a></li></ul><p>The PBOC said it would take action to correct one-sided moves in the market whenever it’s needed, and:</p><ul><li>they are confident in keeping the yuan basically stable</li><li>“Participants of the foreign-exchange market should voluntarily maintain a stable market,” </li><li>traders should “resolutely avoid behaviors that disturb market orders such as conducting speculative trades.”</li></ul><p>USD/CNH update: </p>

This article was written by Eamonn Sheridan at www.forexlive.com.