Asian markets were sent into turmoil early in 2016 after the People`s Bank of China (PBC) devalued the yuan by over 1.5 percent against the dollar within the first week of January, which became the biggest devaluation of China`s currency since August 2015. However, the yuan has since stabilized after sparking concerns across financial and stock markets.
On January 8, the PBC decided to boost the yuan for the first time in over a week. By Wednesday, the yuan was trading at 6.5630 per dollar, up from 6.5628 on Tuesday.
Markets remain focused on yuan fluctuations, as the Chinese currency has lost almost 6 percent of its value against the dollar since August 2015. On January 4, the PBC injected 130 billion yuan ($19.9 billion) into China`s financial system in an ongoing attempt to buoy the currency.
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