China onshore yuan finishes the domestic session by erasing yesterday's losses

<p>In case you missed the headlines from earlier:</p><ul><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-7-1466-vs-estimate-at-72233-20230720/" target="_blank" rel="follow">PBOC sets USD/ CNY reference rate for today at 7.1466 (vs. estimate at 7.2233)</a></li><li><a href="https://www.forexlive.com/news/pboc-eases-cross-border-funding-20230720/" target="_blank" rel="follow">PBOC eases cross-border funding</a></li><li><a href="https://www.forexlive.com/centralbank/icymi-yuan-rocketed-higher-with-the-pboc-slamming-the-fix-and-promoting-capital-inflow-20230720/" target="_blank" rel="follow">ICYMI – yuan rocketed higher with the PBOC slamming the fix, and promoting capital inflow</a></li></ul><p>There was a big drop in the Chinese yuan yesterday and local authorities have responded by punishing speculators today. In turn, that has helped with giving the aussie and kiwi an indirect boost.</p>

This article was written by Justin Low at www.forexlive.com.