Following Friday’s notable weakness in USDCNY (the biggest drop in the market rate since March and an abrupt change of recent trend), and trade data this weekend, the PBOC appears to have decided to try and put a stop to any weakness and smashed the USDCNY Fix lower by 0.37% – its biggest ‘stronger CNY’ adjustment since 2010 – when the Fed initially ended QE1 (and 2nd biggest shift since Lehman).