The PBOC has weakened the Yuan fix by a whopping 0.5%, down to 6.5646 or 332 pips!
The AUDUSD fell immediately on the news, down to 70.40 and Yen is out of the gates as well.
Update: Chinese stock markets have opened and gapped down. The CSI 300 is down 4%, Shanghai Composite a little more – not far before the circuit breakers kick in….
Update part deux: circuit breaker triggered on 5% fall, stocks halted for 15 minutes. If it goes below 7%, that’s it for the day. Yen now below 118 on the USDJPY, while USDCNH has reversed after its fix!
Update III: that’s it – no more trading stocks today on Chinese stock markets. Down 7% and closed. SP futures are off 1% and the ASX200 is down 1.5% so far.
As I tweeted earlier:
I picked a hell of a week to quit drinking/sniffing glue/stop trading/go on a diet/write for @macro_business
— Chris Becker (@cbecker_trader) January 7, 2016