Community
Blog
al_dcdemo's Blog

al_dcdemo's Blog

Avatar

PBOC devalues yuan for the third consecutive day

al_dcdemo Posted 13 Aug.  in #Trader's blog #Support #Resistance #Pboc #Devaluation #H1 Chart #USD/CNH
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…
Read full story
Translate to English Show original

Since you are not logged in, we don't know your spoken language, but assume it is English
Please, sign in or choose another language to translate from the list.

– or –

Leave a comment
orto leave comments
Avatar

China devalues yuan

al_dcdemo Updated 11 Aug.  in #Trader's blog #Pboc #Devaluation #H1 Chart #USD/CNH #Reference Rate #Offshore 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…
Read full story
Translate to English Show original

Since you are not logged in, we don't know your spoken language, but assume it is English
Please, sign in or choose another language to translate from the list.

– or –

Leave a comment
orto leave comments