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Markets are awaiting for National Bureau of statistics of the People's Republic of China. Today the data on FX reserves as at end-August is due for publication. That is going to be of interest, as the million dollar question is: to what extent was the PBoC forced to intervene over the past few days and weeks?
It would seem that USD-CNY has reached some sort of equlibrium at current levels. At least the spot rate sometimes trades above and sometimes below the reference levels. However, this would only constitute a sustainable market equilibrium if the PBoC did not have to intervene too much, says Commerzbank.
A notable fall in FX reserves would show: CNY rates are still far away from market equilibrium. That insight would most likely create further downside pressure on the Chinese currency.
