A weakening in the yuan prompted a risk-off sentiment in Asia, causing most stock markets in the region to decline, the haven yen to rally and commodity currencies to underperform. Oil prices declined moderately, with the NYMEX crude measure down by 0.5%. The PBoC set the daily yuan reference rate 0.16% weaker today, at 6.5237 per dollar. Even though the yuan remains firmer on the week, and central bank's governor said over the weekend that there was no reason for the currency to weaken, the softer Chinese currency had the predictable trigger impact in Asian markets.
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