PBOC Anyone?
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PBOC stands for People’s Bank of China and they are the central bank of the China and they have now lowered their currency reference rate for a fifth day which represents the longest such streak in their history. The reductions are due to a cash short squeeze in China which points to a potentially much bigger problem which will impact other economies as well as currencies.
All mining currencies will be under pressure as a result of that as evident in the AUDUSD which has collapsed to multi-year lows and moves further away from parity. The global economy looks shaky and not as strong as most are led to believe and forex traders have made big adjustments in their currency holdings.
Does anyone trade the Yuan?