People's Bank of China (PBOC) sets yuan reference rate at 6.3975
- Sets the mid point for the yuan slightly stronger than yesterday's 6.4010
- -1.9% on Tuesday
- -1.6% on Wednesday
- -1.1% Thursday
- And now the yuan strengthens by 0.05% today
Smallest.
Correction.
Ever?
-
AUD (the world's favourite China proxy) added 10 points or so (AUD/USD)
-
I posted a preview of the fixing today, here
As I said, there, the move by the PBOC to halt the devaluation trend (at least for today) is a positive input for 'risk', although the impact of the fix had declined hugely by yesterday. Still, a net positive for the AUD ... though only small.
