China fixes yuan midpoint at 7.0211
China's moves to set the midpoint at levels weaker than 7 last week "stoked fears of a competitive devaluation policy, putting pressure on other Asian currencies," analysts at risk consultancy Eurasia Group wrote in a note. Still, they said, Beijing will prevent any rapid depreciation of the yuan since "substantial devaluation would drive capital outflows and create one-way bets in the market on further depreciation, as seen in 2015 and 2016.
Instead, China's central bank will use messaging and intervention to keep the pace of depreciation against the dollar gradual, the analysts added. "The bank will also be careful not to allow the to depreciate on a sustained basis against a broader basket of currencies." China's trade-weighted CFETS yuan index, which measures the local currency's exchange rate against a basket of its peers, broke a new low on Friday.
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