What changed
AMAZING HOW PERCEPTIONS OF CHINA'S YUAN ARE SOMETIMES STUCK IN 2024. NOW THAT THE YUAN IS INCHING UP AGAINST THE DOLLAR, CHINA (VIA THE PBOC/ STATE BANKS) HAS BEEN BUYING FX TO LIMIT ITS APPRECIATION. THAT IS LITERALLY WHAT THE SETTLEMENT DATA SHOWS
1/ HTTPS://T.CO/YI5KG2XQXF — VIA @BRAD_SETSER