Yuan in a Happy Place as It Breaks Past 7.00 Handle on USDCNY

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By Giles Coghlan, Chief Currency Analyst at HYCM

Seven inns of happiness for the Yuan

USDCNY breaks 7.00. The 7.00 handle is an important psychological level due this being the number that the PBOC would reportedly defend (it didn’t in the end – probably looking at the SNB and seeing what a hole you can get into if you try and defend a rate and take on the world market).

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