Markets finally got a respite from Chinese devaluation turmoil as the renminbi's daily fix was raised by 0.05 percent on Thursday after three consecutive cuts of more than 1 percent each.
Still, the devaluation of the renminbi so far has left Asian currencies headed for the worst week since 2008, according to Bloomberg, with Malaysia’s ringgit and Indonesia’s rupiah in particular falling to 17-year lows:
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-active currencies excluding the yen, retreated 2.1 percent from Aug. 7, poised for its biggest weekly drop since October 2008. The ringgit slumped 4.3 percent, the yuan sank 3 percent, the rupiah fell 1.8 percent, while India’s rupee weakened 2.1 percent. Vietnam’s dong slid 1.3 percent after the central bank widened the currency’s trading band Wednesday.
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