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- The People's Bank of China devaluates the yuan for the third day
The People's Bank of China devaluates the yuan for the third day
The People's Bank of China (PBoC) has devaluated the yuan for the third day. The PBoC has defended its decision to devaluate the yuan.
The yuan depreciated 1.9% on Tuesday, 1.6% on Wednesday and 1.1% today. China's central bank set Thursday's daily fixing at 6.4010 per U.S. dollar, down from 6.3306 on Wednesday.
The PBoC said on Tuesday that it was a "one-off depreciation".
The central bank tried to reassure market participants on Thursday, saying there was no basis for further yuan devaluation.
A weaker yuan could lead to capital outflows from China. The PBoC Governor Yi Gang said that the central bank will ensure "orderly" cross-border capital flows, adding that capital inflows and outflows were "basically balanced."
China wants to open the country's foreign-exchange markets to foreign institutions and to extend foreign-exchange trading hours. The yuan traded at a big discount in Hong Kong.
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