The data are "consistent with a significant slowdown in global trade volumes," said Sue Trinh, head of Asia FX strategy at RBC Capital Markets in Hong Kong. "China is running out of options and letting the RMB go is the lowest cost option for them. We’ve seen them move in this direction after getting past the formal SDR inclusion date. There’s more work to do."
The People’s Bank of China on Thursday weakened the daily reference rate for the seventh day in a row, the longest weakening run since January
"There’s more work to do"
The reason why S&P futures are down off hours...
USDJPY is rolling over again:
