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China Weakens Yuan For A Third Straight Day On Thursday
The People's Bank of China (PBoC) weakened the yuan against the dollar for a third consecutive day on Thursday, following reports the central bank intervened to stem the currency's sharp slide late on Wednesday.
The PBoC set the yuan fixing at 6.4010 on Thursday, weaker than the previous day's close of 6.3870 and 1.1 percent down on Wednesday's fix of 6.3306.
The central bank asked state-owned lenders to sell dollars on its behalf in the last 15 minutes of U.S trading on Wednesday, causing the yuan to rally 1 percent against the greenback after falling to fresh four-year lows in intraday trade, the Wall Street Journal reported. The central bank has yet to confirm the action, but it is broadly being treated as fact by market insiders …. http://www.cnbc.com
Source: http://luismmx.blogspot.com/2015/08/china-weakens-yuan-for-third-straight.html
