China's forex reserves rose $6 billion in July, or 0.2 percent. The U.S. Dollar Index decreased slightly during the month. Last month, a rising dollar helped trim China's reserve accumulation.
The bigger story is SDR reserve accumulation fell from 16.8 billion in June to 6.8 billion.
Sine the PBoC didn't support the yuan until August, it's not a surprise to see stable reserves. Assuming the U.S. dollar doesn't breakout to the upside in August, the PBoC won't have to work hard to stabilize the yuan. Everything is in the hands of the greenback now.
Iron ore rally overshot
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The iron ore bear market rally needs a new spur as steel and margins stall:
Dalian futures likewise look toppy: And coking coal: Steel output is still
ri...
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