CNY weakness shows that it still has the capacity to deliver negative surprises - BBH

Research Team at BBH, notes that the China reported official and Caixin PMIs for June. 

Key Quotes

“The official PMI came in at the expected 50, down from 50.1, while Caixin PMI came in at 48.6 vs. 49.2 expected and actual in May.  This is the first snapshot for June.  While China has been on the backburner recently due to Brexit, this week’s market reaction to the PBOC story regarding CNY weakness shows that it still has the capacity to deliver negative surprises, real or imagined.”