ASIAN MARKET NEWS 07 JANUARY 2016

The Chinese yuan today fell about 0.5 percent after the PBOC, which has moved to a managed-float regime, fixed its mid point at 6.5920 to the US dollar. Given the economic slowdown in the world's largest economy, the deregulated offshore yuan market reflected the market's state of mind, with the yuan reaching 6.6838.

While the government says the fixing is part of its move towards a market-determined value for the pegged currency, some see it as a deliberate move by the government to help gain a currency advantage and boost its flagging exports. 

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