Comments from the People’s Bank of China

  • Today's devaluation in midpoint is based on analysis of fresh economic data and improved quotation mechanism
  • Says fluctuation in midpoint is normal, result of market forces playing decisive role
  • Says there is no basis for a sustained deprecation of yuan given global and domestic economic conditions

  • Says daily volatility in yuan will steady after a short period of time as participants grow accustomed to new pricing system

Headlines via Reuters

Meanwhile on the AUD

  • Makes A new trend low under 0.7230
  • Stops under there taken out
  • These aussie moves are triggered by fear and uncertainty (hey, that works!)