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Milan , August 12, 2015 – 07:12
The yuan, the Chinese currency, has weakened further opening of markets Asia, after the devaluation-record Tuesday. China’s central bank, the People’s Bank of China, has “filed” further the reference value of the yuan, cutting it by a further 1.62% after cutting on Tuesday, which was 1.9%. The reference value of the yuan marks the midpoint of the target range more ‘or less 2% in which the yuan is tied to the US dollar.
Oil to its lowest in six years
The Chinese economy slows, capital flows leave and Beijing, while risking the start of a new currency war, tries to run for cover devaluing the currency twice in 24 hours and by loosening the link with the dollar rising. Even in Europe, despite the agreement on Greece, uncertainty remains as measured by the performance in surprise drop in German ZEW index. A disappointing result that this Tuesday has sent stock markets in red, Frankfurt first, where even the titles of the automobile groups, who have focused heavily on China, have suffered from sharp losses along with those of luxury and commodity. The latter dragged down by the collapse in oil prices, minimum six years now at $ 43.08 a barrel.
August 12, 2015 (modified August 12, 2015 | 07:48)
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