China devalues yuan for third day

The People’s Bank of China cut its daily fix – the reference rate for its currency – for the third straight day, setting it at 6.40 to the U.S. dollar. The devaluation has now knocked 4.6 percent off the value of the yuan
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Daily fix: Central bank sets midpoint for its currency each morning. When market opens, investors can trade 2% up or down from midpoint

Chinese yuan to US$

6.15 6.20 6.25 6.30 6.35 6.40 6.45 6.50 
Aug 6 7 10 11 12 13 

Aug 6: 6.2099 Aug 11: Fix set at 6.2298 Aug 12: Fix set at 6.3306

$3.7 trillion Foreign-exchange reserves used by central bank to influence currency markets

Aug 13: Fix set at 6.4010

Scale inverted to show fall of yuan – also known as renminbi
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Sources: Bloomberg, Zerohedge.com Picture: Newscom
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