Wednesday: PBoC escalates currency support

The PBoC has bolstered support for the renminbi, fixing the rate well above market expectations and squeezing funding costs higher for short sellers. US existing home sales fell unexpectatedly. Europe’s current account deficit surged. In our bonus deep-dive interview, ANZ’s Head of G3 Economics Brian Martin explains why the real neutral interest rate in the US is up around 1% to 0.5-1.0%. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/