markets
Milan , August 13, 2015 – 07:11
Third devaluation of the yuan in three days. The measure comes after cutting on Tuesday August 11, 2% of the trading band of the yuan against the dollar, and after that on Wednesday of another 1.6% who did burn to Europe 227 billion.
Let the market decide
As argued by Yi Gang, deputy governor of the People’s Bank of China (PBOC), China’s central bank) that as of last Tuesday led the more massive devaluation of the yuan in 20 years, the goal “is to let the market decide the exchange rate of the Chinese currency and the PBOC will refrain from regular interventions in the exchange market.” The deputy governor added that the yuan exchange rate will be maintained at a level “more or less stable” and “reasonable.”
August 13, 2015 (modified August 13, 2015 | 07:15)
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