RMB daily fix steady

After a volatile past week, the renminbi appears to be stabilising.

After falling 2.9 percent last week to 6.3918 yuan per US dollar, the People’s Bank of China set its daily reference rate for the renminbi at 6.3969 on Monday, up from Friday’s close in Shanghai.

For all the turbulence caused by the renminbi's devaluation, Chinese stock markets actually did well last week. The Shanghai Composite Index ended the week up 5.9 percent while Shenzhen Composite Index rose 6.1 percent.

Elsewhere, the S&P 500 gained 0.7 percent last week but the STOXX Europe 600 fell 2.7 percent and the Nikkei 225 edged down 0.1 percent.