The Chinese central bank yesterday announced a further cut (the third) of 1.1% on the official value of its currency, the yuan, against the dollar and gave adjusting terminated in an attempt to convey calm after the financial turmoil of recent days. The devaluation of the Chinese currency against the dollar and 4.6%.
After the crash Tuesday, Thursday major European markets started the session sharply higher than eased as the day progressed. At the close, the French CAC rose 1.25%, the German DAX gained 0.82% and the Spanish Ibex rose 0.62%.
The People’s Bank of China, whose decision to devalue its currency has shaken markets worldwide this week, has redoubled its efforts to impart credibility and dispel rumors about the yuan biggest drops.
“The value gradually returns to market levels”, said the deputy governor of the central bank the second largest economy, Zhang Xiaohui, told the official Xinhua news agency.
According to his calculations, before the reform of the method for determining the exchange rate of reference between the yuan and the dollar, had a difference of 3% between its value and market expectations. With the conviction that it has reached the desired balance point, Zhang has ruled out further and persistent depreciation and promised that the yuan will remain “strong” in the long term.
Another senior official of the institution, Yi Gang, has dismissed as “unfounded” rumors about the existence of a campaign orchestrated by certain sectors of the Government to ensure that the devaluation reaches this point.
Although some analysts, as the chief economist of Andbank, Alex Fuste, validate the views of senior Chinese central bank, most doubt that the falls are over and bet on further declines.
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