Bloomberg reporting info from sources close to the Chinese central bank

  • PBOC said to have asked some Chinese banks in HK to curb CNH lending unless necessary as of 11 Jan
  • asked some banks to collect data on offshore yuan short-selling from 1 Jan

11 Jan is a significant day as the PBOC was reported to be intervening to support the yuan after gains of 1.5% were noted after sustained losses.

USDCNH currently down to 6.6078 from 6.6140 just prior to the news being released.

As ever the PBOC finds itself between a rock and a hard place as it continues to try and open up its markets.

Meanwhile the Shanghai Comp Index is paring some losses at 2694.85, down -1.99%