In the beginning of New Year, China's stock market is experiencing the highest volatility. The People's Bank of China (PBoC) set the Yuan reference rate at 6.5646 on Thursday, marking the third sizeable devaluation by the central bank this week.

Apart from this China stock market fell by more than 5% in 13 minutes and made two lower circuit breakers. Market trading has been halted for 15 minutes under the "circuit breaker" mechanism. Unfortunately as the market reopened, it took another 1 minute to extend the loss to 7%, triggering the second circuit breaker. This is the second time in a year that China stock market closed early today.

The People's Bank of China (PBoC) has injected 130 billion yuan ($20 billion) in funds into the financial system in order to ease concerns after Chinese stocks dropped 7%. This is the reason majorAsian currencies are under big pressure.