01-12-2016, 11:41 PM
However, at least for today's opening, the markets are looking good:
Beijing set another firm fix for its currency, eliminating the gap between offshore and onshore yuan exchange rates. This was done by encouraging state banks to buy up yuan in Hong Kong, driving up the overnight deposit rate fixing to 66.8 percent. "China is continuing to instill a degree of stability after the sharp volatility at the beginning of the month by announcing stable to firmer fixings," said Mitul Kotecha, currency strategist at Barclays in Singapore. "Tighter liquidity has contributed to a squeeze on long USD/CNH positions and will mean investors are wary of shorting CNH in the near term," he said.
Shares, Oil Recover as Europe Shrugs Off China Money Market Surge - The New York Times