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UBP: “What is counter-cyclical [CNY] policy?”

The CNY moved sharply higher against the USD over the past week following the Chinese central bank’s call to engage in counter-cyclical foreign exchange measures that would impede large uni-directional bets. While few details were given by the PBoC, UBP shares its views about the implications of such a policy, and why it is being implemented. “From a macro standpoint,…

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