Friday’s drop in the offshore deliverable yuan – or CNH –from 7.0731 to 7.1349 was dramatic. Today’s recovery as Chinese markets reopened from the Labor Day holidays proved a damp squib – and not for lack of trying by the People’s Bank of China (PBoC). The central bank optimistically set parity at 7.0690 Wednesday morning, near the average April level of 7.0686. But there wasn’t exactly a buying rush in response. By 6pm HK time, the onshore yuan (CNY) traded at 7.0987; the CNH was up only marginally to 7.1197 from Tuesday’s close of 7.1226. The effect of US President Trump’s May 1 threat to ban certain US federal ... (full story)