China fixes yuan stronger vs dollar reversing fallsPosted On Aug 24 2015 By David Lee Comment 0 Tag China Chinese currency devaluation dollar growth

markets midpoint percent reserve Tuesday Wednesday

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The Peoplersquos Bank of China set the yuanrsquos midpoint rate at 63975 per dollar prior to market open firmer than the previous fix at 6401

Bloomberg News reported Wednesday the central bank had intervened in themarket to buy dollars and prop up the yuan which PBoC Deputy Governor Yi Gangdeclined to confirm at Thursdayrsquos briefing

The Chinese central bank has tried to ease worries about a currency war assertingthat there is no basis for the devaluation to persist

Tan said that Chinarsquos gross domestic product (GDP) accounted for 43 percent ofthe total created by the economies in the Asian Pacific region so there is no doubtthat other regional currencies will follow the yuan to move lower while themagnitude of the falls in different currencies will vary

China keeps a tight grip on the yuan allowing it to fluctuate up or down just twopercent on either side of the reference rate which it sets daily

The improved mechanism takes into consideration the closing rate of the interbank forex market on the previous day as well as supplyand demand in the market and price movement of major currencies

ldquoThe central bank if necessary is fully capable of stabilising the exchange rate through direct intervention in the foreign exchangemarketrdquo PBOC economist Massachusetts Jun said It fell again on Wednesday and by midday on Thursday was down 03

Crude oil futures remained under pressure plunging to 6shy12shyyear lows after data revealed a big rise in US stockpiles fuelling fears of agrowing global glut

Sources told Reuters some powerful voices in the Chinese Government were pushing for an even deeper devaluation to help Chinarsquosstruggling exporters

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We have had the Chinese markets crash and burn in July and then we had the PBOC stepping in to spur export growth by a surprisedevaluation of the Yuan this past Tuesday

Economic growth in China has slowed to 74 per cent after enjoying a break neck pace of above 10 per cent in recent years

But he said China still risks overshooting its target

Duke University business professor Campbell Harvey says China wants the yuan to eventually become a ldquoreserverdquo currency like thedollar and the euro

The Federal Reserve is expected to boost the shortshyterm interest rate it controls later this year

The Chinese central bankrsquos ldquoopaque communications policy may well have led to panic overshyselling earlier in the weekrdquo market analystAngus Nicholson of IG said in a commentary

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