The dollar has been holding mostly steady and narrow ranges, though the yuan stirred things up by falling nearly 0.5% at its lows. This yuan’s weakness came after the PBoC removed a bank reserve requirement on yuan forward contracts, which signalled that policymakers may have been concerned about the currency’s recent gains. The yuan is up over 7% on the dollar from May, having been underpinned by favourable growth and interest rate differentials.

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