China's market rout was sparked by confusion over its currency devaluation
|01/07/2016||Posted by BusinessMediaguide.Com under General World News||
China weakened the value of its yuan currency by 0.51% to 6.5646 against the US dollar on Thursday, figures from the China Foreign Exchange Trade System showed.
Here’s the chart, courtesy of Bloomberg:
Confusion over the devaluation helped send markets in the country tumbling, and led to the triggering of the Chinese market’s “circuit breaker” for the second time in just four days of trading.
A Bloomberg report on the chaos has a telling quote:
“China isn’t communicating its policy intentions in a clear manner,” said Sue Trinh, head of Asia foreign-exchange strategy at Royal Bank of Canada in Hong Kong. “It’s disappointing read more >>>
Source : BusinessInsider.Com