For the first time since February 3rd, USD/CNH traded over 6.60 as trade data suggests both capital outflows are building (see Hong Kong) and the "China is fixed" narrative is breaking. Whether the Yuan turmoil is responsible - as it has been in the past - for Europe's weakness (and US) is unclear...

But the last two times the Chinese currency markets started to shudder, the ripples didn't stop until The Fed backed right off...

Deja Vu all over again?