The regular People’s Bank of China yuan reference rate fixing is due at 0115GMT ... or, more usually, a few moments afterwards
On Tuesday last week we got the first devaluation for the week, a drop in the yuan of 1.9% against the USD.
Since then ...
- -1.6% on Wednesday
- -1.1% Thursday
- and +0.2% on Friday
Friday's post fix trading was characterized by USD/CNY selling around 6.4 ("Major state banks are suspected of buying yuan whenever it nears 6.4")
- Bloomberg analuysis suggests the fix today is likelt to be in the range os 6.3784 - 6.4167
- Westpac (Sean Callow) expect "today's USD/CNY fixing should be quite close to the 6.3918 close Friday" ....and "the near flat-line trade in USD/CNY in local trade Friday followed by another dip into the close suggests that for now at least, the PBoC wants to further calm nerves"
Weekend news:
- In the near term, it is more likely there will be "two-way volatility," or appreciation and depreciation of the yuan
