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China continues to devalue yuan

Central Bank of China (PBOC) today continued lowering the reference rate by 1.6%, to 6.3306 yuan to the US dollar.
This is the second consecutive day moves PBOC has intervened in currency rates. This is causing concern the world financial turmoil in the second largest economy in the world would curb global growth.

After the news, the MSCI Asia - Pacific Index fell 1.4%. Shares of Chinese companies listed in Hong Kong also lost 0.9%. Australia's dollar weakened 0.7% against the dollar, while government bond yields US 10 year fell 0.05%.

China's central bank said it is applying a floating regime have control. Photo: Bloomberg

Today, China has lowered the reference rate of the renminbi (yuan) against the dollar, to support growth and exports. This has aroused much concern growth engine of the world is a problem. Reference rate is the PBOC announced yesterday morning was 6.2298 yuan per dollar change, compared with 6.1162 yuan previously applied. The level of dumping by day 1.9% is considered the most powerful in China since July 1/1994, according to data compiled by Bloomberg.

"The Chinese government is focusing on domestic issues rather than international. They just want to use every tool possible to stabilize the economy only. Yuan weak domestic purchasing power will decline and demand Foreign demand goods and commodities will go down, "Ronald Wan - Partners Capital International CEO commented.

NDT is heading to chain fell 2 biggest day since 1994 and going back to the point 8/2011. International Monetary Fund (IMF) has welcomed China's move and said it does not affect efforts to NDT as reserve currency in which it is implemented. Goldman Sachs also said that lower prices will help the country yuan more flexible when dealing with the strong dollar, as the US prepared to raise interest rates.

Explain the reason for the move this morning, the PBOC said because the foreign exchange market daily fluctuations, if the closing price the day before catastrophe compared with the reference rate on that day, the next reference will also have to change . Accordingly, yesterday, the new RMB exchange 6.3231 a dollar, down 1.5% compared with the reference rate is 6.2298 yuan. This is the basis for market makers listed the price for today. Other factors were also considered the situation of supply and demand on the foreign exchange market and exchange rate movements of the major currencies.

The agency also said that with a floating regime has control, changing the reference rate quoted was normal. This not only reflects the improvement in market orientation, but also the important role of supply and demand in setting rates.

When asked if the yuan may repeatedly devalued in the future, according to the PBOC said the financial situation and the economy both domestically and internationally, this claim has no basis. The first half year, China grew by 7% - higher than most of the major economies in the world. Fluctuations in the supply of money and credit last month is only temporary. The agency will continue to pursue prudent monetary policy. Recently, major economic indicators have gradually stabilize and show signs of good. This will support the yuan.

Besides, China has maintained a current account surplus for a long time, the process of internationalization of the yuan and open financial market in the country is moving forward. Recent dollar strengthened on speculation that US interest rate increase this year. But this was predicted long ago. Finally, China has abundant foreign exchange reserves, the fiscal situation is stable and reliable financial system, promises to help stabilize the yuan exchange rate.

Ha Thu (according to Bloomberg)

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