China's fx settlement data for June showed a net accumulation of $25 billion -- bringing q2 accumulation up to $75 billion ... More evidence that China now is resisting pressure on the yuan to appreciate. 1/

Settlement covers the combined activities of the PBOC and the state banks and historically has been among the more reliable intervention indicators. It showed sales in December after Trump's election, but purchases through the q2 tariff escalation ... 2/

The balance sheet data for the state commercial banks shows even more foreign asset accumulation than settlement -- 3/3 For the full argument that China is now blocking pressure on the yuan to rise see: