China was the theme again; 4.66% Yuan devaluation – FXStreet

FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that China gathered all of the attention for a third day in a row, as the PBoC fixed the reference rate for the Yuan 1.1% lower, completing a 4.66% devaluation in the same period.

Key Quotes:

“The Central Bank released a statement in which they announced that they are now “implementing the managed floating exchange rate regime based on market demand and supply,” suggesting intervention is over, at least for now.”

“The market felt less the impact of this last movement, with stocks recovering some ground alongside with the greenback, although none was able to completely erase its latest losses.”

Valeria Bednarik, chief analyst at FXStreet explained that China gathered all of the attention for a third day in a row, as the PBoC fixed the reference rate for the Yuan 1.1% lower, completing a 4.66% devaluation in the same period.

(Market News Provided by FXstreet)