PBOC devalues Yuan day 2: USDCNH charts, USDCNY rates

PBOC continues to weaken the Yuan

This is done by weakening it’s ‘fix’ to the US Dollar. Two days in a row, the move is looking more like a trend than a one-time deal. I can imagine PBOC Governor Zhou to ECB President Draghi “大炮是这么发射的”.

USDCNH day 2 of Yuan devaluation

USDCNH day 2 of Yuan devaluation

USDCNH hourly chart

USDCNH hourly chart

However no one does devaluation better than Japanese PM Abe. The Japanese Yen easily lost half of its value against the USD since his election in December 2012 when USDJPY was trading at the 82-83 region. At the moment, USDJPY is doing 125.20. Here’s an old chart published November last year.

 

USD to CNY rates published on Bank of China

These are published rates for 07, 10, 11 and 12 August. Note: Bank of China is a commercial bank whereas the central bank is the People’s Bank of China.

USDCNY 07 August 2015

USDCNY 07 August 2015

USDCNY 10 August 2015

USDCNY 10 August 2015

USDCNY 1 August 2015

USDCNY 11 August 2015

USDCNY 12 August 2015

USDCNY 12 August 2015

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Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005.   Soh's Twitter account @sohtionghum was ranked #23 out of The Top 70 Twitter Accounts To Follow In 2015 by MahiFX.   Disclaimer notice: "I do not have a financial advisor's license. I am not qualified by any regulator to give financial advice. I do not know you the reader. Your investment means and motive may be different from me. My posts here are based on observations and meant for education. I am not responsible for for any consequence from your actions."
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