SPX futures are recovering nicely after China set the yuan above 7 per dollar, LOL.
After markets crashed when China set the yuan below 7 per dollar, now China’s central bank set the yuan’s official reference point at stronger than that point on Tuesday! Nope, no currency manipulation to see here.
This deserves a new China meme.
That important line is at seven yuan per dollar. In Monday’s Asian afternoon trading hours, the onshore currency changed hands at 7.0304 against the dollar, while the offshore yuan traded at 7.0807 against the greenback.
Check how SPX futures recovered after the above seven yuan set: