USDCNY at 6.84 right now, with U.S. Dollar Index just below its 2-year high.
A big move lower is not necessarily right around the corner, but the move in the yuan is one half of a green light to the bears. If the U.S. Dollar Index breaks out to a new high, it will confirm that a new drop in the yuan is coming. Since the market was completely manipulated beyond this point, there is no technical support of any kind except for psychological round numbers and the old peg of 8.28.
This is not secret knowledge either, here's an article on the renminbi that has two sub-headers within it, "6.8 isn't scary" and "Scary is 6.83"
Sohu: 人民币离最危险的6.83已不太远 这是最全面的资产配置清单
Depreciation expectations among ordinary Chinese is about to increase, and those investors who already expect depreciation will expect acceleration.
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