For third consecutive day China weakens the Yuan against the US dollar

Thursday, August 13th 2015 - 06:17 UTC

Full article 10 comments

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, compared to the previous day's close of 6.3870, sending the currency 0.7% lower to 6.43 per dollar in early trade. Read full article

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Condorito
Yuan more time!
Aug 13th, 2015 - 08:50 am - Link - Report abuse 0
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ChrisR
@ 1

Like it, there will be another Yuan tomorrow!

:o)
Aug 13th, 2015 - 11:25 am - Link - Report abuse 0
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Skip
Why nobody Yuan this currency?
Aug 13th, 2015 - 12:44 pm - Link - Report abuse 0
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yankeeboy
http://www.bloomberg.com/news/articles/2015-08-13/china-devaluation-is-blow-to-cash-strapped-argentina-s-reserves
About a quarter of the country’s $33.7 billion of foreign reserves are now denominated in yuan, which suffered its biggest loss since 1994 on Tuesday.
The move is eroding the cash Argentina uses to pay its debt and comes as the nation is effectively shut out of overseas bond markets and struggling to defend its slumping peso at home. The country’s yuan holdings have ballooned since it signed an $11 billion currency-swap agreement with the People’s Bank of China in July.
“The underlying risks are now becoming more apparent,” said Marcos Buscaglia, an economist at Bank of America Corp.
Buscaglia estimates that only $16 billion of Argentina’s reserves is easily accessible, after excluding certain items such as bank deposits and its yuan holdings. That figure may fall below $10 billion by year-end after the government makes local dollar-denominated debt payments, he said. Reserves have slid $151 million this week, the most since May.
Aug 13th, 2015 - 02:11 pm - Link - Report abuse 0
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ilsen
Is this going to be another Yuan decade for Argentina?
:)
Aug 13th, 2015 - 02:21 pm - Link - Report abuse 0
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Skip
Depends which Yuan wins the election.
Aug 13th, 2015 - 09:06 pm - Link - Report abuse 0
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Troy Tempest
Guffaw!!
Aug 13th, 2015 - 09:26 pm - Link - Report abuse 0
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ilsen
Go on Cristina, tell us another Yuan!
Aug 14th, 2015 - 02:39 am - Link - Report abuse 0
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Skip
If the Yuan is now worth less, should it now be called......

Wait for it.....

Yuanita?
Aug 14th, 2015 - 08:18 am - Link - Report abuse 0
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ChrisR
@ 9 Skip
“Yuanita?”

Oh, that's really good, you have my effort beat!
Aug 14th, 2015 - 07:11 pm - Link - Report abuse 0
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