Bulls Looking for Yuan Rally

iFeng: 中国警戒做空者 昨天人民币离奇暴涨只是个开始
China warns shorts

Analysts agreed on the possibility of central bank intervention again.

The Chinese Ministry of Commerce on Thursday issued a document of up to 73 pages, the RMB does not exist long-term devaluation basis, I believe that after a shock period will gradually tend to a new equilibrium; China will not engage in currency competitive devaluation, the RMB exchange rate against the US dollar two-way floating Flexibility will be enhanced. In addition, the Chinese central bank's foreign exchange market operation does not belong to the scope of exchange rate manipulation.

Mizuho Bank strategist Zhang Jiantai wrote to clients in the daily commentary, Moody's downgraded China rating, Thursday appeared suspected market intervention behavior, China or to guard the yuan short.

The yuan is probably just a start, the dollar index weakened, G7 currency trend is also very much, the RMB has a stage of appreciation of the foundation, the two main focus on the central bank action, whether there is continued to guide the appreciation of the intention. Especially today (Friday) the central parity, to find policy makers whether the hope that the strong continuation of the yuan signal.

The ANZ report argues that the central bank appears to be bridging the gap between the central parity and the spot by taking the initiative to intervene at the spot rate.

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