Justin had the news from the People's Bank of China here on Monday:

• PBOC governor will maintain yuan exchange rate at a reasonable, balanced level

And on Wednesday we saw the Bank trying to support CNY at the reference rate setting:

• PBoC promised stronger damping to support CNY, and that's what are seeing

And again today:

• PBOC sets USD/ CNY reference rate for today at 7.1966 (vs. estimate at 7.2326)

Offshore yuan may have seen the memo but its not paying it much heed:

The PBoC supported the CNY through the last bout of USD/CNY super-strength. They'll be doing the same again this time around, wary of capital outflow if they let the yuan drift too much lower. They'll be hoping US inflation doesn't take off higher and the Fed pauses ... or reverses.

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Justin had the news from the People's Bank of China here:

• PBOC governor will maintain yuan exchange rate at a reasonable, balanced level

PBOC governor Pan Gongsheng emphasized the Bank will not let the yuan plummet without a fight:

• Will step up countercyclical adjustment
• Should resolutely guard against the risk of exchange rate overshoot

With the surging USD after Trump's win the yuan is just one of many weaker currencies:

[s.l.] : Mohr Siebeck GmbH & Co. KG, 2023.

Cambridge, MA. : National Bureau of Economic Research, 2023

Hong Kong : Research Centre for Translation, Chinese University of Hong Kong, [1996]

1 Ugandan Shilling = 0.0019 Chinese Yuan Renminbi

1 Salvadoran Colon = 0.8083 Chinese Yuan Renminbi

1 Romanian Leu = 1.5885 Chinese Yuan Renminbi

1 Ukrainian Hryvnia = 0.2636 Chinese Yuan Renminbi

1 Tanzanian Shilling = 0.0031 Chinese Yuan Renminbi

1 Venezuelan Bolivar Fuerte = 0.7083 Chinese Yuan Renminbi

1 Yemeni Rial = 0.0283 Chinese Yuan Renminbi

1 Paraguayan Guarani = 0.0011 Chinese Yuan Renminbi

1 Hong Kong Dollar = 0.9108 Chinese Yuan Renminbi

1 Kuwaiti Dinar = 22.8679 Chinese Yuan Renminbi

1 Saudi Riyal = 1.8833 Chinese Yuan Renminbi

1 Tunisian Dinar = 2.4289 Chinese Yuan Renminbi

1 South African Rand = 0.3855 Chinese Yuan Renminbi

1 Norwegian Krone = 0.6924 Chinese Yuan Renminbi

1 Argentine Peso = 0.1064 Chinese Yuan Renminbi

1 Moroccan Dirham = 0.72 Chinese Yuan Renminbi

1 US Dollar = 7.0742 Chinese Yuan Renminbi

1 Icelandic Krona = 0.0484 Chinese Yuan Renminbi

1 Kazakhstan Tenge = 0.0168 Chinese Yuan Renminbi

1 Namibian Dollar = 0.3818 Chinese Yuan Renminbi

1 Israeli New Sheqel = 2.0173 Chinese Yuan Renminbi

1 Costa Rican Colon = 0.0124 Chinese Yuan Renminbi

1 British Pound Sterling = 8.7762 Chinese Yuan Renminbi

1 Omani Rial = 18.449 Chinese Yuan Renminbi

1 Honduran Lempira = 0.2826 Chinese Yuan Renminbi

1 Australian Dollar = 4.6225 Chinese Yuan Renminbi

1 Chinese Yuan Renminbi = 168.2169 Iraqi Dinar

1 Chinese Yuan Renminbi = 733.5812 Zambian Kwacha

1 Chinese Yuan Renminbi = 2.5941 South African Rand

1 Chinese Yuan Renminbi = 35.3927 Yemeni Rial

1 Chinese Yuan Renminbi = 85.522 CFA Franc BCEAO

1 Chinese Yuan Renminbi = 3307.8652 Vietnamese Dong

1 Chinese Yuan Renminbi = 1.4118 Venezuelan Bolivar Fuerte

1 Chinese Yuan Renminbi = 1428.9955 Uzbekistan Som

1 Chinese Yuan Renminbi = 6.0982 Uruguayan Peso

1 Chinese Yuan Renminbi = 0.1414 US Dollar