The third day in a row .. China cut the yuan 1%

The third day in a row .. China cut the yuan 1%

08/13/2015 07:59 GMT

The third day in a row - China cut the yuan 1 percentFollow-up – and babysit – China lowered the yuan currency more than 1% against the dollar, and for the third day in a row.
And led the surprise move by China’s central bank, which initiated this week, to destabilize global markets and raising concerns about the start of currency war, also raised questions about the second largest economy in the world, which has already recorded a slowdown Health, the Chinese currency fell this week the largest pace Since 94.

On the other hand, China Business News newspaper quoted Ma Jun, chief economist of the Chinese people Bank (central bank) as saying that the bank “fully capable” to achieve stability in the yuan by intervening in the currency.

The newspaper quoted what John, saying, “if necessary, the Central Bank is fully capable of bringing stability to the exchange rate through direct intervention in the foreign exchange market.”

The central bank’s latest shock in global markets, when the value of the yuan cut about 2% in a move described by the reform, which flows in the direction of market liberalization, but some saw the introduction of a long-term reduction in the value of the currency to stimulate exports.

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