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Today is the eighth day, Yuan depreciated against Dollar making it one of the longest stretch in history and just shy of its all-time record of 10 consecutive days of depreciation back in 2008, since the currency was de-pegged back in 2005.
Today, PBoC reference rate was fixed 0.2% weaker at 6.3628 Yuan per Dollar. In on-shore Renminbi market Yuan closed 6.368 against Dollar.
Since August, Renminbi had quite a ride, after PBoC chose to devalue Yuan fix by 1.9% in a single day, followed by 2 other days of similar devaluation. Dollar/Yuan rate shot up from around 6.21 area to trade as high as 6.4485 per Dollar. After which, Yuan sharply appreciated to as high as 6.33 per Dollar, baffling lot of analysts, who were predicting further weakness.
Similarly 8 days of consecutive fall in Yuan was equally surprising for many since many analysts were predicting further appreciation as IMF is highly expected to add Yuan to SDR basket, which according to many could involve immediate flow of $40 billion (assuming 14% weightage for Renminbi in SDR basket).
