Some interesting currency moves today

[Barnsley]

China just devalued the yuan by 2% and that has sent the SGD also tumbling.

Yikes .... My UK trip is getting more expensive by the day

I think a raising of Interest rates by the Govt would come in handy

[Wd40]

China just devalued the yuan by 2% and that has sent the SGD also tumbling.

Yikes .... My UK trip is getting more expensive by the day

I think a raising of Interest rates by the Govt would come in handy

Which govt? If UK raises rates pound will become stronger. SG doesn't control rates. MAS only manages the exchange rate.

[Barnsley]

Which govt? If UK raises rates pound will become stronger. SG doesn't control rates. MAS only manages the exchange rate.

SG Govt needs to do something to keep import costs under control.....

Its maybe not as weak against the US Dollar as the UK Pound , I heard its where it was in March or something against US dollar.

I am speaking from a selfish point of view , its weakened 10-15% against UK Pound in the past year

[JR8]

China just devalued the yuan by 2% and that has sent the SGD also tumbling.

Since they're pegged via a regional basket rate I was wondering to what extent the S$ would weaken this morning. ... Theoretically that should knock the STI too... [haven't looked at the markets so far today...]

[Wd40]

Guys this is looking really ugly. There are people predicting Asian currency crisis all over again.

[Barnsley]

Guys this is looking really ugly. There are people predicting Asian currency crisis all over again.

My holiday price is going up day by day , only good thing is that the Euro is weakening as well to offset my costs

[JR8]

China has dropped it's rate again (2nd time in one day).
My early skim of the news has it that this is the competitive exporting of deflation. Which is a bit like playing 'Pass the parcel' around the developed world, with a parcel of economic woes.

In fact I wondered if this might be some form of Chinese economic 'warfare'. Two cuts in one day can only have been done to cause a massive stir. Totally the reverse of the slow, steady, guided and predictable from the Fed.

Just imagine sitting in the Chinese Central Bank, putting on a few $trillion of bets on what your action in a few hours will surely cause.

[Wd40]

It really looks like Asian Financial crisis 2.0. Its the Asian(ex Japan) currencies that are tumbling along with the Yuan.

[JR8]

... but not to worry, Temasek (etc) is run my the most talented financiers that are out there.

[MayDay5]

China just devalued the CNY

[Barnsley]

China just devalued the CNY

Chinese New Year??

What did they do?

Say Pineapple Tarts and giving of oranges inappropriate?

[zzm9980]

China just devalued the CNY

Chinese New Year??

What did they do?

Say Pineapple Tarts and giving of oranges inappropriate?

CNY is the standard notation and ISO code for Chinese Yuan, or RMB.

https://en.wikipedia.org/wiki/Renminbi

[Barnsley]

China just devalued the CNY

Chinese New Year??

What did they do?

Say Pineapple Tarts and giving of oranges inappropriate?

CNY is the standard notation and ISO code for Chinese Yuan, or RMB.

https://en.wikipedia.org/wiki/Renminbi

[sundaymorningstaple]

[JR8]

I thought it was a good joke; even better if it was accidental!

--- China's Tianjin port explodes the same day the country's economy implodes. Curious times.