The yuan and ‘down for the third consecutive day to’ open markets. The People’s Bank of China fixed the exchange rate of the Chinese currency to 6,401 against the US dollar. Yesterday, the yuan had closed at 6,387. The value set by the PBOC and ‘the average around which can’ swing of more ‘or less than 2%. On the third day of devaluation in a row, the Tokyo Stock Exchange absorbs the blow and, after the initial uncertainty, ending trade at + 0.99%. The Nikkei recovers and bounces up 202.78 points to settle at 20595.55 share.
The ‘objective of the People’s Bank of China (PBOC, China’s central bank), that as of Tuesday’ last he led the most ‘massive devaluation of the yuan in 20 years, “and’ to let the market decide the exchange rate of the Chinese currency and the PBOC will refrain ‘from regular interventions on the foreign exchange market”. She supported him Yi Gang, deputy governor of the PBOC in a press conference in Beijing today. In recent days, according to market the PBOC would intervene to limit the decline in price of the yuan. The deputy governor added that changing the yuan will be ‘maintained at a level “more’ or less stable” and “reasonable”. During the press conference, Zhang Xiaohu, head of the Monetary PBOC said that the bank plans to open a “selected” single market “offshore”. The International Monetary Fund (IMF) in a report released earlier this year, called for the merger of the two markets. The creation of a single currency market opened to foreigners would pave the way to ‘incorporation of the yuan in the “basket” of major currencies used by the’ IMF to determine the value of Special Drawing Rights, the international currency issued by the Fund.
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