Chinese markets face a day of high drama as share trading resumes with no automatic mechanism in place to restrict selling and the world watches to see if Beijing will allow its currency to fall yet further. The People’s Bank of China (PBoC) also wrong-footed traders by reportedly intervening heavily to defend the yuan in offshore trade, reversing a decline of more than 1 percent that took it to a record low of 6.7600 per dollar. The action was somewhat ironic since it was the PBoC that triggered the slide early Thursday by fixing the yuan at a much lower rate than many expected (CNY=SAEC).