As yuan skids, markets bet more depreciation is in store [Reuters]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: Reuters
depreciation of the currency, both to complement an easy monetary policy and to support exports. Several signals have stirred that speculation. While the yuan has declined roughly 2% this year against the dollar, it has become relatively less competitive as Japan's yen and currencies of other neighbours South Korea, Thailand and Taiwan drop more sharply. The People's Bank of China (PBOC) also appears to have loosened its grip on the yuan, allowing it to fall to the weak side of the 7.2-per-dollar level that state-owned banks had staunchly defended in the past, though it has continued to lend some support through stronger-than-expected settings of the daily mid-point for the currency. Last Friday, traders took the absence of state banks in the market to push the yuan to 7.23 to a dollar initially, and even though state banks eventually stepped in the yuan saw its biggest daily drop in nearly 3 months. Analysts at National Australia Bank (NAB) said it was "more than coincidental
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