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Financial markets take a hit as China again devalues yuan
12 Aug '15
4 min read
The central bank sought to reassure financial markets on Wednesday that it was not embarking on a steady depreciation.
“Looking at the international and domestic economic situation, currently there is no basis for a sustained depreciation trend for the yuan,” the PBoC said on Wednesday.
Tuesday's devaluation followed a string of poor economic data and raised market suspicions that China was embarking on a longer-term slide in the exchange rate. It was the biggest one-day fall in the yuan since a massive devaluation in 1994.
A cheaper yuan will help Chinese exports by making them less expensive on overseas markets. Last weekend, data showed an 8.3 per cent drop in exports in July and that producer prices were well into their fourth year of deflation. (SH)
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