Loading ...Is The Currency War Over? China Revalues Yuan 0.05% Stronger
Submitted by Tyler Durden on 08/13/2015 – 21:22 
Heading into the China session, offshore Yuan signaled a 1% devaluation was on the cards. Of course, all media eyes were focused on the disaster in Tianjin but after 3 days of what was supposed to a ‘one-off’ adjustment, The PBOC has in fact surprised with a modestly stronger fix at 6.3975 from yesterday’s 6.4010 Fix. That leaves the CNY Fix devaluation to a 4.60% loss in 4 day. Of course, its a bit hypocritical of Americans or Europeans to regard the Chinese as mean and nasty and currency warriors because they’re letting their currency adjust against a constantly-devaluing dollar and euro. The US has been devaluing the dollar for years, but that’s a-ok for Western commentators, apparently. It appears – judging by the opening devaluation and closing intervention – that China is as set on crushing the herd of one-way carry traders as any export-enhancing currency debasement.