Phew. The PBOC has published its fix for the Yuan reference rate and its strengthened 0.015% to 6.5626
There’s been enormous volatility on the usually squeamish Monday morning open (yes Dorothy, FX markets should not close over the weekend!) especially with harbingers of doom like the South African Rand and the Yen crosses.
This should calm some nerves.
AUD shot up around 30 pips to 69.70 while the SPI futures anticipated the move somewhat and have stalled further falls.
UPDATE: China stock markets have slumped at the open, down 2% or so. Heres the last six days worth of action, via Patrick McGee at FT:
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