Stocks down after yuan weakens for second day
Print Edition
SHANGHAI stocks fell again yesterday after the central bank devalued the yuan for a second day running.
The Shanghai Composite Index fell 1 percent to 3,886.32 points.
The People’s Bank of China yesterday set the yuan’s central parity rate weaker than Tuesday’s closing market rate, which had already fallen sharply after China devalued its currency by nearly 2 percent.
The dual depreciation was the biggest against the US dollar for more than two decades, arousing concerns in markets around the world.
The central bank sought to calm fears by saying the moves were not the start of a sustained depreciation of the currency, but rather reflected the government’s desire for the market to play a greater role in the setting of exchange rates.
Fan Gang, from the central bank’s monetary policy committee, said the value of the yuan had not fallen significantly when compared with other currencies.
Shares in travel firms fared badly yesterday. Tibet Tourism Co lost 6 percent to 21.85 yuan (US$3.42), China United Travel Co fell 6 percent to 15.37 yuan, and Huangshan Tourism Development Co dropped 4.8 percent to 22.28 yuan.
Industrial Securities’ Zhang Yidong said the weakness of airlines and travel firms was due more to profit taking rather than the weaker Chinese currency.
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