I think they actually don’t have the wherewithal to support the Yuan so much (despite their claims).
But if this fits the technical description of
‘manipulation’... good!
“I think they actually don’t have the wherewithal to support the Yuan so much”
They have about $3 trillion in foreign reserves. About $2 trillion can be made reasonably liquid, and about $1.5 of that could be available to fight, without choking off ongoing activity.
More than enough for normal times, but well within what could be overwhelmed in a real crisis.
They could also face multiple concurrent crises, that all draw on the same pot of money, like a stock market collapse, or debt crisis.