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14 Aug 2015
Asian stocks trade mixed, PBOC halts Yuan devaluation
FXStreet (Mumbai) - Asian indices traded mixed on the last trading day of the week, as traders digest the latest PBOC price action in the currency markets, halting the yuan devaluation after three consecutive days of decline.
The USD/CNY rate was set 0.05% lower at 6.3975 for the first time in four days.
Little impact of the Chinese fix
China's central bank created havoc in the markets this week, by the sudden yuan devaluation by PBOC on Tuesday had largely ended by Thursday as Chinese authorities came to the markets’ rescue and noted that the yuan devaluation process was completed and big fall in Yuan are unlikely. While on Friday, the central bank’s move is likely to bring a calm end to this rocky week.
The Japanese benchmark Nikkei 225 is down -0.17% at 20560. The benchmark Australian S&P/ASX 200 index trades flat in to closing hours at 5388 points supported by the big banks while resource stocks limiting the upside. While Korea's benchmark Kospi index wiped-out gains and now trades muted at 1,984 points in Seoul.
Chinese stocks kept the opening gains and climbed further with the Hong Kong's benchmark Hang Seng index gaining 0.27% at 24088 while mainland China's benchmark Shanghai Composite up 0.40% now and trades near 3970.
The USD/CNY rate was set 0.05% lower at 6.3975 for the first time in four days.
Little impact of the Chinese fix
China's central bank created havoc in the markets this week, by the sudden yuan devaluation by PBOC on Tuesday had largely ended by Thursday as Chinese authorities came to the markets’ rescue and noted that the yuan devaluation process was completed and big fall in Yuan are unlikely. While on Friday, the central bank’s move is likely to bring a calm end to this rocky week.
The Japanese benchmark Nikkei 225 is down -0.17% at 20560. The benchmark Australian S&P/ASX 200 index trades flat in to closing hours at 5388 points supported by the big banks while resource stocks limiting the upside. While Korea's benchmark Kospi index wiped-out gains and now trades muted at 1,984 points in Seoul.
Chinese stocks kept the opening gains and climbed further with the Hong Kong's benchmark Hang Seng index gaining 0.27% at 24088 while mainland China's benchmark Shanghai Composite up 0.40% now and trades near 3970.