The Phaserl


Markets Rocked as China’s Renminbi Tumbles to Four-Year Low

by Szu Ping Chan, and Tara Cunningham, The Telegraph:

Stock markets slid and emerging market currencies tumbled on Wednesday after Chinese authorities allowed the renminbi to devalue further and a raft of data highlighted concerns about the health of the world’s second largest economy.

The yuan dropped 1.6pc against the dollar on Wednesday morning after China’s central bank set its daily midpoint reference at 6.3306, even weaker than Tuesday, when the People’s Bank of China (PBoC) devalued the yuan for the first time in modern history.

It was the second biggest one-day cut since the country abandoned its hard currency peg in 2005. Offshore trading, which is not restricted by the PBoC’s fixed daily band, saw Chinese currency weaken 1.8pc to 6.57 – representing its lowest level since early 2011.

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