CNY strength? Think again. Set lower against its CFETS basket

Back in In December (of 2015) the People's Bank of China bank launched a trade-weighted index for the RMB

• The basket contains the currencies of 13 of China's major trading partners
• It was set at a 100 base as of the end of December 2014
• The China Foreign Exchange Trade System (CFETS, a unit of the PBOC) manages the basket

Here's a chart of how the yuan has been set against the basket, up to April 22

Last Friday (April 29) CFETS report the rate was at 97.12, thus a weaker yuan (CNY) again. The slow grind lower continues.