Analysts at Bank of Tokyo Mitsubishi explained that whether it was a USD rebound or Madame Lagarde leaving town they don't know, but USD/CNY was unidirectionally higher last week. Key Quotes: "We don't think there was any Shanghai Accord (unless someone was driving around in a Honda) but had wondered if China was trying to please the G20 in preceding weeks (look ma, no persistent depreciation!). Officials appear to hope to stabilize the bilateral cross @ these levels for now but to weaken against the basket. Whether that will succeed depends on future capital flows and whether USD strengthens more. On the former objectively there is less outflow but still some outflows in our view. On the latter we have doubts. Onshore it seems business is still slowing. Quarter-end will see ample CNH funding to avoid the RRR charge." For more information, read our latest forex news.