Daily CNY fixing for clues about the direction - is China in control of the FX market?

Nomura Holdings, Inc. (Japanese financial holding company) made some analysis and created some interesting conclusion: China can control the forex market  and to move it where it wants.

• "We have updated our data-based on FX liabilities to provide some objective metrics (reserves vs external FX liabilities). The bottom line is that China has its total external FX liabilities covered three times (3 X) by reserves, a higher ratio than any other so-called EM country we follow."
• "China seems to have the resources to drive the FX market where it wants for quite some time. The question is where the authorities wants it," Nomura argues."
  
• "This suggests that gradualism will still be a part of policy-making in China, and this may mean that the worst shock effect is behind us, although ultimately the economic data will provide the final verdict on that front."