The People’s Bank of China has set the CNY at its strongest since November 8 last year

The PBoC rate setting for today, the first day back from holidays, here:

• PBOC sets USD/ CNY reference rate for today at 7.1693 (vs. estimate at 7.2661)

7.1693 is the lowest for USD/CNY (ie strongest for CNY) since November 8 last year.

Earlier I posted on how China is not going to devalue the currency just yet:

• Wall Street Journal reports China promises not to devalue the yuan

China will hold the prospect of devaluation in reserve as a bargaining chip in negotiations ahead.

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Earlier:

• China announces counter-tariffs against Trump’s trade moves
  • levies of 15% for US coal and LNG, 10% for crude oil, farm equipment and some autos
• China anti-monopoly regulator launches investigation into Google

• WSJ: Pres Trump and China Pres. Xi are not speaking today

• More on Goldman Sachs – China retaliatory measures to have limited impact on energy prices

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