Yuan Plunge Nears 14-Year Low, Inviting Aggressive PBOC Pushback

(Bloomberg) — Traders are bracing for more pushback from China’s central bank as the yuan approaches the lowest level in 14 years.

The onshore yuan has lost about 4% over the past month, trading within 1% of 7.2 per dollar, a level it hasn’t reached since 2008. The People’s Bank of China has already stepped up its currency defense, but it did little to stop the depreciation.