• USD/CNY fell to one-month low on Thursday as the yuan gained strength following the Fed’s decision to hold rates steady and the PBOC’s stronger yuan fixing. • The Federal Reserve left interest rates unchanged, while Chair Kevin Warsh offered little clarity on how divisions within the rate-setting committee would be resolved. •Fed funds futures now show a 42.6% chance of the Fed keeping rates unchanged at its September meeting, up from 24% before the latest policy decision, according to CME Group’s FedWatch tool. • The yuan is up 0.4% against the dollar this month, and 3.5% firmer this year. Recommendation: Good to sell around 6.760, with stop loss of 6.830 and target price of 6.720