China's yuan rises for first time after three days of shock devaluation

13:11 | 14/08/2015 Global Economy

The People's Bank of China set the mid-price for onshore trading in the yuan on Friday at 6.3975 to the dollar, ending a three day skid sparked by the shock devaluation of the currency on Tuesday, the biggest since 1994.

China's yuan rises for first time after three days of shock devaluation

Stacks of yuan are counted at a bank in China as the currency has apparently stabilized after falling the past three days following a surprise devaluation earlier in the week. Photo: AFP

The onshore yuan settled at 6.399 on Thursday. The mid-price set by the PBoC yesterday was at 6.4010.

The offshore yuan strengthened 0.34 per cent to 6.4416 at 11:30 am on Friday, rising for the first time after shedding 3.7 per cent in the previous three trading days.

The onshore yuan opened at a stronger level than yesterday but it weakened 0.02 per cent, or 15 basis points, to 6.3997 at 11:30am.

The Thai baht and Korean won lost ground, weakening by 0.32 per cent and 0.81 per cent against the US dollar, respectively as of 11:30am. 

The yuan had been falling for three days and the devaluation and subsequent depreciation had roiled world financial markets./.

Source: South China Morning Post

Theo ven.vn