{"id":76787,"date":"2015-08-13T02:17:02","date_gmt":"2015-08-13T06:17:02","guid":{"rendered":"http:\/\/countingpips.com\/?p=76787"},"modified":"2015-08-13T06:53:27","modified_gmt":"2015-08-13T10:53:27","slug":"chinese-yuan-fixed-lower-for-third-consecutive-day","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/08\/chinese-yuan-fixed-lower-for-third-consecutive-day\/","title":{"rendered":"Chinese yuan fixed lower for third consecutive day"},"content":{"rendered":"
August 13, 2015<\/div>
\r\n<\/div><\/div>

Article by ForexTime<\/a><\/p>\n

The People\u2019s Bank of China (PBOC) tried to reassure jittery global markets on Thursday that there was no basis for further depreciation in the yuan given strong economic fundamentals. As the yuan fell for the third straight day, China\u2019s central bank said the country\u2019s strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided \u201cstrong support\u201d to the exchange rate.<\/p>\n

The yuan\u2019s devaluation on Tuesday sent markets tumbling after the PBOC\u2019s decision to push its official guidance rate down 2 percent and sparked fears of a \u201ccurrency war\u201d.<\/p>\n

The PBOC said at the time that the move was a one-off depreciation, but drew accusations from U.S. politicians that Beijing was unfairly supporting its exporters. Sources involved in the Chinese policy-making process told Reuters that powerful voices within government were pushing for the yuan to go still lower, suggesting pressure for an overall devaluation of almost 10 percent.<\/p>\n

Though the yuan opened slightly weaker on Thursday, the gap between the guidance rate and the traded spot market rate closed sharply as the central bank tried to slow a sharp sell-off that has knocked around 3.2 percent off the currency since Monday\u2019s close.<\/p>\n

The PBOC set the guidance rate 6.4010 per dollar prior to the market open, weaker than the previous fix of 6.3306.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

The spot market opened at 6.3880 and was changing hands at 6.4076 after the PBOC comments, 206 pips weaker than the previous day\u2019s close and only 0.1 percent away from the guidance point, the closest it has traded to the guidance rate since November 2014.<\/p>\n

The spot rate is currently allowed to trade within a range of 2 percent above or below the official fixing on any given day, and had been consistently trading over 1 percent weaker than the midpoint since March.<\/p>\n

The offshore yuan was trading 1.02 percent weaker than the onshore spot at 6.4764 per dollar.<\/p>\n

 <\/p>\n

\n

\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime The People\u2019s Bank of China (PBOC) tried to reassure jittery global markets on Thursday that there was no basis for further depreciation in the yuan given strong economic fundamentals. As the yuan fell for the third straight day, China\u2019s central bank said the country\u2019s strong economic environment, sustained trade surplus, sound fiscal […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-76787","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/76787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=76787"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/76787\/revisions"}],"predecessor-version":[{"id":76804,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/76787\/revisions\/76804"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=76787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=76787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=76787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}