China lets yuan fall faster

SHANGHAI, Rabi’I 27, 1437, January 07, 2016, SPA — China accelerated the depreciation of the yuan on Thursday, sending regional currencies and stock markets tumbling as investors feared the Asian giant could trigger competitive currency devaluations from trading partners, Reuters reported.

China’s stock markets were suspended for the rest of the day less than half an hour after opening as a new circuit-breaking mechanism was tripped for the second time this week.

The People’s Bank of China (PBOC) again surprised markets by setting the official midpoint rate on the yuan, also known as the renminbi (RMB), at 6.5646 per dollar, the lowest since March 2011.

That was 0.5 percent weaker than the day before and the biggest daily drop since last August, when an abrupt near 2 percent devaluation of the currency also roiled markets.

The central bank’s fixings have helped drive the yuan down not just against the dollar this week, but also other major currencies, including a 3.5 percent fall against the yen and 0.8 percent against the euro.

That raised concerns that China might be aiming for a competitive devaluation to help its struggling exporters.
–SPA
11:58 LOCAL TIME 08:58 GMT
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European equity futures fall sharply on new concerns over China

London, 27 Rabi’I,1437 AH, 07 January,2016 , SPA — European equity futures fell sharply on Thursday after China accelerated the depreciation of the yuan, sending currencies across the region reeling and domestic stock markets tumbling, Reuters reported.
Futures on the Euro STOXX 50, German DAX and French CAC indexes fell between 2.5-2.7 percent by 0702 GMT. Futures on Britain’s FTSE 100 fell 1.9 percent.
The People’s Bank of China (PBOC) again surprised markets by setting the official midpoint rate on the yuan, also known as the renminbi (RMB), at 6.5646 per dollar, the lowest since March 2011.
China’s stock markets were suspended for the rest of the day less than half an hour after opening as a new circuit-breaking mechanism was tripped for the second time this week.
— SPA
10:42 LOCAL TIME 07:42 GMT
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