They've left the deposit rate unchanged, so they clearly don't want to make the yuan any more attractive then it already is.
More Quotes from Sean Callow:
Disaster had been priced into the peso, but they dodged the bullet. It's been a pretty remarkable turnaround. Arroyo deserves some of the credit.Sean Callow
The sharp rally in the dollar is entirely justified by the unexpectedly good news for the U.S. current account financing equation. It certainly provides a considerable degree of comfort.
Sean Callow
Talk of repatriation started in mid-July, particularly in Asia. Asian equities have performed poorly in recent days and therefore money is leaving Asia and returning to the U.S. Investors are looking to take profits to cover the losses elsewhere.
Sean Callow
The Singapore dollar is a good proxy for the yuan as Singapore is an open economy. When sentiment on the region and the yuan is strong, that's going to benefit the Singapore dollar.
Sean Callow
We see scope short-term for the Australian dollar to trade higher. You can't argue the commodity story is hurting the Australian dollar.
Sean Callow
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