AUD/USD, NZD/USD, USD/JPY all putting on a bit of a bounce
Of course, this all about China
All three of those above (and others I haven't mentioned) got hit on the yuan central rate setting from the People’s Bank of China this morning
Another big devaluation for the CNY
China stock markets then opened lower and the CSI300 index extened its losses quickly to hit the first of the session's 'circuit breaker', down 5%
if it loses 7% it will shut for the day
The 'offshore' yuan, CNH has subsequently recovered its losses and has even gained on the day.
I suspect PBOC intervention played a role. The PBOC is not trying to strengthen the yuan, but they'll want to smooth the flows somewhat.
I suspect intervention. but its not confirmed, K?
OK ... trading has now resumed on CSI300 ... its donw more than 6% now ... whoops ...I can't keep up
Down 7% and shut for the day!
OK ... ps. Really, I couldn't keep up!
Check out the URL for this post, it'll give you an idea of what the title of this post originally was ...
As I was writing it up the Chinese mkt went into meltdown again