Offshore Yuan Tumbles As China Devalues Fix To Weakest Since June 2011

On the heels of the collapse in China 'B' shares last night, and continued stress in money-markets, China weakened the the Yuan fix to its lowest since June 2011 tonight. This has sent offshore Yuan spiraling lower breaking above 6.5700 for the first time since the August devaluation's collapse. Chinese stocks are on the weaker side, extending losses, and we now await the money-markets to see if this stress is escalating.

PBOC fixes the Yuan at new June 2011 lows...

 

Sending offshore Yuan tumbling...

 

The devaluation implied in offshore Yuan is back to recent cycle wides...

 

Charts: Bloomberg

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