Chinese Devaluation Extends To 3rd Day – Yuan Hits 4 Year Low, Japan Escalates Currency Race-To-The-Bottom Rhetoric

Thursday, August 13, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
08/12/2015

The “one-off” adjustment has now reached its 3rd day as The PBOC has now devalued the Yuan fix by 4.65% back to July 2011 lows.

The PBOC seeks to reassure…

*CHINA PBOC SAYS YUAN REMAINS STRONG CURRENCY IN LONG-TERM
*PBOC SAYS THERE IS DEMAND FOR DEVALUATION OF YUAN VS USD
*PBOC CHANGE OF YUAN MECHANISM RELATED TO JULY CREDIT: ZHANG
*PBOC SAYS YUAN CHANGE IS BENEFICIAL TO LONG TERM STABILITY
*PBOC SAYS YUAN EXCHANGE RATE ADJUSTMENT ALMOST COMPLETED
*YUAN RATE ADJUSTMENT POSITIVE TO CONFIDENCE IN YUAN: PBOC’S YI
*NEW YUAN MECHANISM `POSITIVE’ TO INTERNATIONALIZATION: PBOC YI
*PBOC SAYS NO BASIS FOR YUAN’S CONSTANT DEVALUATION: ZHANG

The Rest…HERE

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