CADCNH China must defend the currency again

They are having a rough time trying to keep the currency in line; I expect them to push Reminbi lower again since it is almost at levels past their devaluation target. If their market crashes again the pattern was intense selling of the reminbi for any other pair.

Since they said they would not prop their stock market any further I think the party is just getting started.

The guys in control over there have no sense of a light touch so this is an unusual situation on a pair I wouldn't normally trade.