China's Central Bank Slams "Irresponsible" Media Reports Than Yuan Broke The "Psychological Threshold" Of 7.00/$

Tyler Durden's picture

In what seems a remarkably quick and aggressive response to 'fake news' in a data feed, China's central bank issued a statement slamming "irresponsible media" reports that the onshore Yuan rate broke the "psychological threshold" of 7.00/$. The 6 handle flash-crash was not seen in offshore rates and has been removed from FX feeds since...

Before...

 

And this quickly warranted a response, as Reuters reports, China's central bank on Wednesday rejected a media report that the yuan had weakened beyond the 7.0000 per dollar level in the onshore market on Dec. 28, calling the report "irresponsible".

The yuan traded between 6.9500 and 6.9666 per dollar on Wednesday, the PBOC said on its microblog . 

 

"But some irresponsible media reported that the onshore rate of the yuan broke the psychological threshold of 7.0000," the central bank said.

 

Persistent downward pressure on the yuan has contributed to large capital outflows this year and the central bank has spent some of its foreign exchange reserves to support the currency's value.

 

The yuan edged weaker against the dollar on Wednesday in weak market sentiment as the year winds down.

 

The spot yuan is on track to finish the year with a loss of nearly 7 percent against the dollar, and traders expect depreciation pressure to extend into 2017. 

 

Markets will be watching household dollar purchases closely at the beginning of 2017, when individuals will get a fresh $50,000 foreign-exchange conversion quota.

 

In January this year, a sharp fall in the yuan sparked worries about China's slowing economy, roiling global markets.

And after...The "erroneous" trading levels were removed from Bloomberg's feed.

 

But we remain notably amazed at how terrified it seems The PBOC is at apparent "fake news" on the Yuan.

We also note that this comes 3 weeks after an odd overnight Yuan crash was rejected .


Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
AR15AU's picture

Seems the helicopters are coming home to roost...

BaBaBouy's picture

"" The 6 handle flash-crash was not seen in offshore rates and has been removed from FX feeds since""

LOL ... Doesn't The US "Fix" its own Fiats thru Paper GOLD Slams???

AR15AU's picture

Yes and likewise China's game will be up as soon as the counterparties take delivery of the PBOCs USD.

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) AR15AU Dec 28, 2016 1:40 PM

Oh NO! Bitcoin is ONLY $950 today!

Boy, I sure wish I listened to the mental rejects on Zerohedge telling me to stay away!

https://localbitcoins.com

wisebastard's picture

are those sexually confused attack helicopters??????......man.....what fucking batroom are those choppers gonna use......

Ghost of PartysOver's picture

Too funny.  China rejects reality and substitutes it own.  And Bloomberg, being the stalwart of journalism that it is, goes along.  And what is the price of a BloomTurd terminal?  Now the accuracy has been called into question.

DetectiveStern's picture

So did someone settle a trade at above 7 or what?

Theta_Burn's picture

Whos fake news is this ours or theirs? can't keep up..

Reported by a PBOC "micro blog" are they offical?

 

 

orangegeek's picture

China's central bank issued a statement slamming "irresponsible media" reports that the onshore Yuan rate broke the "psychological threshold" of 7.00/$.

 

LMFAO!!!

 

The Chi-coms are bigger whiners than the snowflakes.

Ghost of PartysOver's picture

The Chi-coms are bigger whiners than the snowflakes.

On that I have to disagree.  Close but no.

Kayman's picture

6.9999999999999999  it is then.

E.Shackle.Ton's picture

Is that a smile on Kyle Bass' face?

Seasmoke's picture

It's not a lie, if you believe it.

LawsofPhysics's picture

I don't think the Chinese understand what "peg" means....

That's right, the same people who invented FIAT paper!!!

Kayman's picture

They're going to need a billion fingers in this dike.

Dilluminati's picture

China say

Irresponsible news alert!

Irresponsible news alert!

lol

 

K_BX's picture

sum ting wong?

FuckJanetYellen's picture

Fuckin Gooks.  Bunch of cockroaches.

DaBears's picture

The cadre who didn't turn off the hibernation mode on the USD injection "Auto -peg[TM]"computer system will be shot.

DarkPurpleHaze's picture

The yuan will hit 8 and then some within the first 3 years of Trump's presidency unless some type of drastic policy from the PBOC intercedes as the yuan plummets.

hedgiex's picture

PBOC is not independent. It is at best the fiscal agent of the Government. For 30 years, they have acquied no experience in handling global markets that take risks in betting against their Ponzi. Enjoy more nerve breaks as they vainly try to tame global markets that is not like their domestic infrastructure where you can suppress through force.