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People's bank of China (PBoC), which fixes the central value of Dollar/Yuan, fixed it to weakest level since 2011. Last month, International Monetary Fund (IMF) added Yuan or Renminbi to its Special Drawing Rights (SDR) basket. After that, against popular expectations, Yuan has actually weakened against Dollar. However, Yuan has weakened past August lows, but PBoC's fixes has. On shore Yuan is currently trading at 6.427 per Dollar.
Analysts point out, with IMF decision done with PBoC has lesser incentive to keep intervening in Yuan to reduce any sharp fall or rise.
Today PBoC has set the rate at 6.414 per Dollar. During August turmoil, lowest level of PBoC fix was set at 6.4085. Yuan is allowed to trade within 2% of the central point on either side.
After stabilizing in September and October, in response to PboC's devaluation of Yuan, outflow has returned largely in November, leading to $87 billion decline in FX reserve, despite $54.1 billion positive current account.
Yuan is likely to remain under selling pressure, with rate hike from US Federal Reserve just a week away.
