If its reasonable to call the 0.05% strengthening in the mid-point reference rate setting from the People’s Bank of China a revaluation, that is....
This week, since Tuesday its looked like this:
- -1.9% on Tuesday
- -1.6% on Wednesday
- -1.1% Thursday
- +0.05% Friday
OCBC (Singapore) economist Tommy Xie (via Bloomberg):
- "The crisis management measures from the PBOC including intervention in the spot market and press conference have clearly set the boundary for the yuan
- Should the spot prices stabilize in the coming few days, we are probably at the end of this currency market rout"
Bold is mine
What say the traders of ForexLive?
I'm gonna vote a big, fat .... NO! Over the for a few days maybe ... but not for long
