The PBoC devalued the CNY for a third day, but at a decreasingly aggressive pace of 1.1%, comparing to 1.6% yesterday and the initial 1.9% devaluation of Monday. The central bank held a press conference to explain the devaluation — in contrast to the two previous occasions — where it argued that it was not going to collapse the currency, and that there was no economic basis for the currency to continue depreciating. This mollified markets, and Asian currencies and global stocks rebounded strongly.