A very good sentence

First, central banks don’t spend $150 billion every three weeks, or about $200 billion a month, to support a currency that is close to appropriately valued.

That is from Christopher Balding.  Here is more:

Second, if you look at a list of major currencies and their move against the dollar over the past year, China is the extreme outlier in that the RMB has only dropped 2% compared to most currencies which have lost 10-30%.  If China is even on the low end of a fall relative to the US dollar, it would need to drop at least 10% and a middle of the pack fall would require it to drop about 20%.

Ladies and gentlemen, lay your bets…