Tuesday, August 11, 2015

China devalues ​​yuan after months of strengthening currency – Globo.com

Asian stocks fell as investors assessed the implications of China’s surprise move, which allowed the yuan fell to its weakest level in three years and that seems to be the end of months of the strengthening of the currency officially sanctioned.

At 7:55 a.m. (GMT), the MSCI index which includes shares of Asia-Pacific region excluding Japan retreated 1.4%.

On Tuesday, the government of China He announced a superdesvalorização of its currency, the highest since the end of the fixed exchange rate regime. The rules in force, the Chinese government can change the value of the currency by 2% more or less. The move on Tuesday was a devaluation of 1.9%. The maximum this year so far was 0.16%.

The decision is a way to stimulate exports, making the cheaper Chinese products abroad. On Saturday, China reported the largest drop in exports in the last four months.

China’s central bank described this move as a “single depreciation” of approximately 2%, and said it was based on a new way to manage exchange rates better reflect market forces.

Chinese stocks were shaken by the news and finally closed down. The CSI300 index closed down 0.43%, while the Shanghai index was stable after posting big gains on Monday.

In TOKYO, the Nikkei index fell 0.42% to 20,720 points .

In HONG KONG, the Hang Seng Index fell 0.09%, to 24,498 points.

In SHANGHAI, the SSE index closed stable at 3,928 points.

In Seoul, the KOSPI index has depreciated by 0.82% to 1,986 points.

TAIWAN, TAIEX index recorded low of 0.86%, to 8,394 points.

In SINGAPORE, the Straits Times Index depreciated by 1.36% to 3,153 points

In Sydney the S & index;. P / ASX 200 retreated 0.65%, to 5,473 points.

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