The last time offshore yuan was this strong relative to the US Dollar, China devalued its currency, sending a ripple of broken carry-trades through the financial markets and raising volatility everywhere.

In the 12 hours or so since President Trump announced plans for $100 billion in additional tariffs on China, offshore yuan has tumbled 300 pips…

Is this the start of a stealthy devaluation? Remember, China is hitting its limit in tit-for-tat trade responses.