People's Bank of China (PBOC) sets yuan reference rate at 6.3306

  • Yesterday's close was at 6.3231
  • Yesterday the Yuan reference rate was set at 6.2298, a 1.9% weakening of the yuan, the biggest change on record.

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The set is weaker than the prior close ... very aggressive from the PBOC

  • A 1.6% cut from the previous fix, not quite as large as the previous day's 1.9% cut, but huge nonetheless
  • Weakest yuan reference rate fixing since October of 2012

AUD slammed lower, to below the overnight lows

more to come