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China devalued its currency for the third consecutive day on Thursday, setting the USD/CNY fix at 6.401, 1.1% higher than the previous fix. Thursday is the third consecutive day that the central bank has devalued its currency, after beginning the new regime on Tuesday when the Yuan was devalued by 1.9%.
The market reaction was minute compared to Tuesday and Wednesday though, with currencies barely flinching and equity markets holding onto small gains. According to reports, the PBoC will inject 40 billion Yuan into the money market on Thursday. The PBoC sets the reference rate for the USD/CNY every day, and allows the exchange rate to go a maximum of 2% above or below that value on any given day.
At a press conference on Thursday PBoC officials said there was no basis for continued Yuan depreciation, with China's ample foreign exchange reserves, the trade surplus, and China's sound fiscal position to continue to support the currency.
Japan's benchmark Nikkei 225 index rose 0.25% to 20,443.32 points in morning trade, but Tokyo's broader Topix gauge tumbled 0.36% to 1,659.69 points.
Hong Kong's benchmark Hang Seng index advanced 0.55% to 24,048.56 points shortly after markets opened for the day, and mainland China's benchmark Shanghai Composite grew 0.27% to 3,896.18 points at the same time.
