7.1 is a ’round number’ psychological level for the USD/CNY refernce rate fixing. estimate at 7.1281)
EUR, AUD, GBP …. all have popped.
I wouldn’t be looking for an extended follow through in the hours ahead, we may have to wait for Europe and the US
The PBOC cracking 7.1 in its USD/CNY fix has sent the USD lower across the board