The Fed's cowardly "hold" sparked an avalanche of Yuan buying, USD selling this afternoon, squeezing shorts enough to dissolve the last 3 days of weakness. The 450 pips rip was the biggest since early February as for the 2nd time in a week (ECB and Fed) Yuan shorts have been taken to the cleaners...
For now Chinese trading is 'stable' with CNH leaking lower (just as it did after The ECB escapade).