The dollar briefly crashed through the 115-yen level to its lowest since November 2014, stoked by demand for the perceived safe-haven currency.» Read More
LONDON, Aug 14- European stocks slipped lower on Friday, with utility RWE underperforming after broker downgrades, and they remained on course for a weekly loss following China's currency devaluation. RWE fell 1 percent after Natixis and UBS cut their price targets on RWE shares, but payment services company Ingenico rose 5.4 percent after gaining entry to the...
SHANGHAI, Aug 14- The Chinese yuan flatlined on Friday, with the exchange rate barely budging and volumes low, as traders said a combination of soothing messages from regulators and buy orders from state banks kept the market in check. On Tuesday, the People's Bank of China shocked global markets by guiding its daily midpoint setting down nearly 2 percent, the...
HONG KONG, Aug 14- China's yuan held steady against the dollar on Friday, but posted its biggest weekly loss on record due to the central bank's surprise move to devalue its currency. The People's Bank of China set the midpoint rate at 6.3975 per dollar prior to market open, firmer than the previous day's closing quote 6.399. "We believe that yuan may reach new...
LONDON, Aug 14- European stocks edged higher on Friday, buoyed by auto and travel stocks, although they remained on course for a weekly decline after China moved to weaken its currency. After devaluing the yuan early in the week, China's central bank said on Thursday the country's strong economy meant there was no reason for the currency to fall further, helping to...
LONDON, Aug 14- The dollar steadied on Friday after China's central bank appeared to have stopped guiding the yuan lower, easing concerns somewhat that a weaker Chinese currency could derail plans by the U.S. The dollar traded at 124.35 yen, flat from late U.S. levels and above this week's low of 124.21 yen. The euro briefly hit a day's high of $1.1172 in early...
*Copper steadies after easing in early trade. SYDNEY Aug 14- Copper was little changed on Friday as China appeared to halt a a slide in its currency which left copper imports by the world's biggest consumer more expensive and unsettled markets. "Just how much of an impact the weaker yuan is going to have on copper demand going into China is still yet to be seen," a metals...
For many in the ranks of China's wealthy, the shock devaluation in the yuan is a cause of regret - that they hadn't moved more money offshore sooner.
Callum Henderson, global head of FX research at Standard Chartered, talks about the drop of the Malaysian ringgit and the depreciation of China's yuan.
Rick Sharga, executive vice president at Auction.com, says the devaluation of the yuan likely sparked a flight-to-safety, which underpinned an increase in the demand for U.S. properties.
Ray Attrill, co-head of FX strategy at National Australia Bank, says Friday's yuan fixing suggests that the People's Bank of China isn't trying to engineer a sharp devaluation of the currency.
Puru Saxena, CEO of Puru Saxena Wealth Management, expects the People's Bank of China to continue weakening its currency amid a persistent slowdown in the economy.
Michael Beer, VP, Asia Pacific transportation research at Citi Investment Research and Analysis, outlines Cathay Pacific's strengths as competition intensifies on the trans-Pacific routes.
Global markets may have convulsed since China pushed its currency lower but the step is "completely meaningless," says perma-bear Marc Faber.
Bhaskar Laxminarayan, chief investment officer for Asia at Pictet Wealth Management, expects China's economic growth to slow to almost 3-4 percent by the end of the decade.
Paul Mackel, head of emerging markets FX strategy at HSBC, says the sharp depreciation in the yuan may result in a transfer of volatility into other Asian currencies.
Keith Fitz-Gerald, chief investment strategist at MoneyMorning.com, says the devaluation of the Chinese yuan has "dramatically complicated things for the Fed."
Marc Faber, editor and publisher of the Gloom, Doom & Boom Report, explains why China's move to push its currency lower this week is “completely meaningless.”
Dennis Yao, property & healthcare sector analyst at GF Securities Hong Kong Brokerage, says the devaluation of the yuan will likely be "a short-term and one-off issue" for Chinese property developers.
Mikio Kumada, executive director & global strategist at LGT Capital Partners, says the devaluation of the yuan is part of China's adjustment to a slow-growth environment, which doesn't bode well for stocks.
Hugh Young, managing director of Aberdeen Asset Management Asia, discusses the recent decisions by the People's Bank of China, which have been seen as a divergence from the "steady, quiet moves" over the years.