Third devaluation of the Yuan to recover But this time the bags – AGI – Agenzia Journalistic Italy

13:31 August 13, 2015

(AGI) – Beijing, August 13 – Yuan again in June ‘, for the third consecutive day, but by the Chinese central bank get assurances that the Chinese currency is not going’ to meet new strong depreciation, ’cause economic fundamentals are solid. The People’s Bank of China set the parity ‘against the dollar at 6.4010, today, down 1.1% compared to yesterday’s 6.3306, but reducing the gap with the old days.

Asian and European stocks bounce in positive

Yesterday, the Renminbi, another name for the Chinese currency, closed at 6.3870 against the ticket fee green, with a rise in the final, a signal to analysts, that China does not intend to reach out to a massive currency devaluation. Meanwhile, the Asian markets in the morning, local time, have begun to gain, after the resumption closing on Wall Street yesterday, although caution remains among operators about the possibility ‘that the yuan could depreciate further.

In a statement, the institution that regulates the monetary policy of China has called “temporary” the strong fluctuations of the parity ‘of the Chinese currency against the dollar and explained that the value set daily by the central bank will be back’ to be reasonable after a short period. According to Zhang Xiaohui, an economist at the central bank, the Renminbi, “remain ‘in the long term, a strong currency” and will return’ to appreciate in the future.

Tuesday ‘last, the surprise move of the Chinese central bank had brought the yuan to a devaluation of 1.86%, and 1.6% yesterday, bringing the yuan to lose, in two days, 3.5% of its value on the domestic market and approximately 4.8% on the offshore market, fueling fears of a new chapter in the currency wars.

Yesterday, the Chinese central bank had intervened to prevent the yuan depreciate excessively against the greenback, but the move to make the yuan more ‘in line with market prices and’ was viewed positively the International Monetary Fund that the maneuver Beijing goes in the direction of liberalization of the exchange rate in the coming years.