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14 Aug 2015
PBOC: no more depreciation in CNY - UOB
FXStreet (Guatemala) - Peter Chia, analyst at UOB Group explained the overnight action in USD/CNY.
Key Quotes:
"The onshore CNY weakened for the 3rd consecutive day, by 0.19% to 6.3982 per USD. It also marked the first daily close of the onshore spot below the central parity (6.4010) even since PBOC commenced on devaluation on Tuesday."
"Nerves were also soothed after PBOC said “there is no basis for the depreciation to persist”. Traders also cited PBOC intervention above 6.4400 (for onshore CNY) for the past 2 sessions."
Key Quotes:
"The onshore CNY weakened for the 3rd consecutive day, by 0.19% to 6.3982 per USD. It also marked the first daily close of the onshore spot below the central parity (6.4010) even since PBOC commenced on devaluation on Tuesday."
"Nerves were also soothed after PBOC said “there is no basis for the depreciation to persist”. Traders also cited PBOC intervention above 6.4400 (for onshore CNY) for the past 2 sessions."