What Is the PBC Doing Every Day in China?

Exante's Michael Pettis says the Chinese authorities tried to push back a little bit with the fixings this week in China. But we also have to take a step back and think about how they managing this currency now, he adds. The global central banks not intervening very much anymore, so it's very hard for them to turn the trend, right? So I think they want to slow the move, but I really don't think they Want to spend a lot of reserves. And therefore, I don't think this is going to be game changing what they're doing.