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unsurprisingly there have been reports of state bank intervention this week
— Brad Setser (@Brad_Setser) April 3, 2024
"major state owned banks were in the market selling USD/CNY. USD/CNY had hit a four-and-a-half month high (i.e. the yuan had dropped to a four-and-a-half month low), prompting the intervention."
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weehingthong 