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 - EconoTimes)
Again for second time this year, People's Bank of China (PBoC) has fixed Yuan central parity weaker for 10 consecutive days, comprising depreciation of -1.49%, record for any such weakening. Last time was back in November, from 2nd to 16th, amounting cumulative decline of -0.93%, before that it was back in 2008, another ten days of weak fixing, and comprising net decline of -0.66%.
Onshore Yuan has gained against Dollar today however, trading at 6.487 per Dollar, while offshore counterpart is trading at 6.557 per Dollar.
In previous post under Renminbi series, we discussed that PBoC's approach to Yuan has changed. PBoC has introduced new Renminbi index, similar to USD index, which would determine its value from 13 different currencies, among which Dollar weightage is highest but just 26.4%. Moreover in August 11th, it declared that it will be giving greater weightage to market by taking into account yesterday's spot closing of offshore Yuan into its fixing.
So, while weaker fixing touch record consecutive days, it remains hardly a surprise.
