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Today's currency move by China is a historic one. Peoples Bank of China (PBOC) surprised the market today by introducing much awaited devaluation of currency to stimulate economy.
Each day at 9:15 am local time the People's Bank of China fixes the currency, allowing investors to trade the currency within 2 per cent either way of the mid-point.
The moves in fixes are usually tiny as per historical record, however today it has reduced fix by 1.9%, largest on record, prompting biggest single day move in Yuan. So far in 2015, the largest change in fix has been 0.16%, prior to today.
After months of criticism that PBOC is not doing much to support the economy and analysts arguing for devaluation in currency, PBOC has finally cleared its stance to support its economy via exports.
The move, immediately sent shockwaves through financial markets, dollar rose sharply against most currencies. Volatility increased across all commodities. However large portion of the move has been reversed so far.
Chinese Yuan is currently trading at 6.39 against Dollar, up 2.9% today so far (USD/CNH).
