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After People's bank of China (PBoC) devalued Yuan for record 10th straight session on Friday, many had expected PBoC to break its record on Monday. Instead PBoC showed restrain and let the record live for at least next 11 session.
Chinese Yuan, which was considered as one way ride since 2005, when Yuan got officially de-pegged to Dollar, is showing signs of reversal on that trade since last year and more so this year. In recent series of devaluation, Yuan has depreciated to four year low against Dollar.
PBoC has set the peg today at 0.09% higher at 6.4752 per Dollar. Yuan is currently trading at 6.488 per Dollar in onshore market and 6.555 in offshore market.
Since August PBoC indicated that it would give greater weightage to spot Yuan's closing in offshore market, while fixing daily mid-rate. However strengthening of Yuan in onshore market on some days hasn't contributed to strengthening fix next day, pointing that PBoC's formula remains obscure.
However, from today's restrain by PBoC might be pointing that its approach to Yuan would be steady but gradual and definitely not record breaking, especially after August turmoil.
