Chinese yuan fix weakens, stocks slump again

The fix is in for the yuan, with the lowest level since April 2011 at 6.5169 against the USD, now 0.21% weaker, with news just in the PBOC is also going to inject 170 billion Yuan:

usdcny_fx_price_monthly.26feb09_to_11jul16

Chinese equity markets have opened, with the Shanghai Composite down 3% at the open.

Australian stocks have fallen already this morning, down over 1% with banks taking the brunt like I thought on the DAX slide overnight.

This could get nasty!

 

Comments

  1. The Traveling Wilbur

    Spot on again Mr B. Great work over the holiday period. Thanks for the excellent analysis over the last few days. Cheers.

    • I do my best, which is nowhere near Leith and DLS’s bad days so thanks.

      I’ll be here for the rest of the week and then going back to trading next week – which is much easier!