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There's More To Come - Offshore Yuan Signals Further Devaluation Tonight

Despite 2 significant interventions to stall what is likely an avalanche of wrong-way carry trade unwinds (or perhaps to stop the boat swinging to the other side too much), offshore Yuan has continued to depreciate since China closed and now implies another 1% devaluation is looming (having been up to a 2.6% discount earlier in the day).

 

PBOC intervened in CNY overnight...

 

But CNH remains adamant that more devaluation is coming...

 

CNH nailed it overnight... will it be right again tonight?

 

Charts: Bloomberg