China’s currency slide could be hard to brake, says petesweeneypro:
China's central bank on Aug. 8 set its official yuan midpoint guidance rate below 7 to the dollar for the first time since the global financial crisis. The onshore traded spot rate had already crossed that line on Aug. 5.
China's major state-owned banks have been active in the yuan forwards markets this week, Reuters reported on Aug. 7 quoting traders, using swaps to curb greenback supply, as authorities sought to slow the currency's decline after its break past the key 7 to the dollar threshold.
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