It's a mystery to me why the People's Bank of China would be referring to a panic sell in yuan, and yet here we are: • PBOC-backed news said ample tools to stabilize FX market even if yuan enters a panic slide. It's a surprising remark, intended to calm fears over further rapid selling of the RMB and stabilize the currency. For today CNH has been showing signs of holding around current levels. A response from Mizuho Bank in Hong Kong agrees: • “The state media commentary is intended to shore up investor confidence on yuan exchange rate and the depreciation trend will remain in control given a basket of policy tools ... (full story)