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PBOC devalues yuan for the third consecutive day

PBOC devalued yuan last night again, this time by 1.1% (vs. 1.9% on Tuesday and 1.6% on Wednesday). They said that the move is about transition to more market based approach to yuan pricing. That sounds good, but I think they don't mind that their currency weakened as a "side effect".
The pair (USD/CNH) found support around Tuesday's high (6.4350). Wednesday's pullback looks quite deep. It's not a classical one way market in this case but, with reference rate (fix) now at 6.4010, I think further…
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China devalues yuan

PBOC devalued yuan fix by the most on record (1.9%) overnight. The reference rate is now set at 6.2298, from 6.1162 previously. USD/CNH (offshore yuan) has so far rallied almost 1900 pips and is currently stalling ahead of 6.40 level.
PBOC officials said that this move is a one-off adjustment, but that appears unlikely as strong yuan is one of the main obstacles to Chinese exporters and devaluation will likely be needed if they wish to remain competitive. The move may also signal that they'll do…
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YUAN: Devaluation

China scares investors. The value of the Yuan has fallen sharply. The calculation behind is to get rid of speculators. To liberalize the exchange rate is the only alternative. Beijing is currently fighting against speculative capital and is trying to push the value of the Renminbi (Yuan). India, Brazil and other emerging economies suffer from massive capital outflow and try to stabilize their currencies.
China's central bank PBOC wants to discourage speculative capital. They have to cool
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