USDCNH Declines after PBOC Cuts Reference Rate for a Second Day

From Tuesday, the PBOC said that the decline in the reference rate was a one-off adjustment because the Yuan effective exchange rate had become unduly strong. After Wednesday’s cut, the PBOC said that the currency will not continuously devalueand that the move of the Yuan reference rate is normal. The central bank added that there is no economic basis for the Yuan’s constant devaluation

12 Aug 2015