cartera@eluniversal.com.mx
China rattled financial markets worldwide. In Mexico, the main stock index and crude oil had its worst day since early this year, while the peso suffered the most severe depreciation in the last three months.
China’s central bank yesterday allowed the devaluation the yuan, or renminbi, by 1.9% against the dollar, and promised to allow greater influence of markets on the currency.
This measure is intended to give greater freedom to the market to determine the yuan, and comes after weak economic data in China, suggesting greater concern of a slowdown in the world’s second largest economy.
China’s decision hit financial markets. The dollar strengthened against developed and emerging currencies, particularly in Asia, while stock and commodity markets suffered crashes. The winners of the session were the bond markets and the prices of gold and silver.
The dollar was just eight cents of its highest close match, finishing in 16.62 pesos at Banamex windows , representing a depreciation of 17 cents compared to Monday, the most severe since May 11.
After three days on the downside, the greenback against six other major currencies rebounded 0.13 %, the DXY index. The Chinese yuan ended depreciate 1.83%, while the Korean won 1.73%.
The main index of the Mexican Stock Exchange fell 2.08% yesterday and meant its steepest retreat since January 30, to finish at 44 000 380 units, its lowest level in the month.
The New York Stock Exchange was 1.21% fall in the Dow Jones index, the most severe since July 8 reverse, ending in 17 thousand 403 units. In Europe he highlighted the collapse of 2.68% in the German Dax, the more pronounced since June 29, while the French Cac 1.86% sank.
The prices of almost all commodities also came down with the Mexican crude down 0.98% to $ 40.37 a barrel, the lowest since Jan. 29, when it was sold at less than $ 40 per barrel. US crude slumped 4.18%, to end at 43.08 per barrel, implying its lowest close since March 2009.
To Gerardo Copca analyst MetAnálisis, was an overreaction on world markets. He said that the Chinese government sent a “wake-up call”, having already implemented other measures, noting that the economy of the Asian dragon has growth problems.
“China no longer has the same competitiveness that had ago several years because labor is not as cheap as it was before, “said Copca, adding that this represents an opportunity for Mexico.
He said the Chinese government will try to maintain a growth of 7% “but every time will be more difficult” and estimated be around 6.5% this year.
No comments:
Post a Comment