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Three consecutive daily devaluation from PBoC, marks major shift in Chinese Yuan, which for quite some time has remained one way ride up against Dollar.
After 1.9% devaluation via fix on Tuesday, 1.6% on Wednesday, PBoC devalued Yuan fix by another 1.1% today. However panic seems to subside, as Chinese Yuan failed to break into lower today. Offshore Yuan is currently trading at 6.457, up 0.08% against lower and much higher than yesterday's low around 6.6.
With overall panic subsiding as PBoC in a rare press conference, shrugged off any possibilities of further major devaluation of Yuan, shrugging of fear of 10% devaluation, as suggested by many analysts.
Asian currencies which were down over China's move reversed recent loss.
- Korean Won, which had fallen to as low as 1196 against Dollar, currently trading at 1173.
- Singapore Dollar which traded as low as 1.426 against USD, reversed and currently trading at 1.397.
- Similarly Taiwan Dollar reversed from its recent low of 32.6 against USD to trade at 32.1 as of now.
Indian Rupee however fell today further by 0.31%, trading at 65.07 against Dollar.
