Offshore Yuan Plunges After Yuan Devalued From 6.12 to 6.22

Offshore yuan (CNH) down more than 1% at the moment, falling from 6.21 earlier in the day to 6.28, currently trading at 6.2733. The move sends the Asian Dollar Index (ADXY) to a new 52-week low.

Singapore Dollar Slumps on Much Weaker Yuan Benchmark Rate

USD/SGD jumped as high as 1.3903 from around 1.3812 after the People’s Bank of China unexpectedly set the daily yuan benchmark rate sharply weaker versus the U.S. dollar. The PBOC’s daily fixing rate of 6.2298 versus Monday’s benchmark of 6.1162 implies a 1.8% depreciation of the yuan versus the U.S. dollar.

Here's a chart of the yuan from the PBOC website, showing the central rate:

Daily trading range may be expanded to 3% in Q3.
人民币汇率波幅扩大时机成熟 三季度有望扩至3%

RMB exchange rate volatility to expand the time is ripe
The third quarter is expected to be extended to 3 percent, analysts said the expansion of the RMB exchange rate flexibility, to let the market decide the yuan exchange rate more in line with the needs of China's economic transformation
The third quarter is expected to be extended to 3%
Analysts said the expansion of the RMB exchange rate flexibility, to let the market decide the yuan exchange rate more in line with the needs of China's economic transformation
August 10, the central parity of the RMB against the US dollar reported 6.1162, compared with the previous trading day slightly rose 8 basis points. In fact, since March of this year, the RMB exchange rate has been maintained at 6.2 near sideways, devaluation or sharp appreciation of the RMB exchange rate does not appear the situation, two-way volatility distinctive characteristics.

The PBOC was Propping Up The Yuan Ahead of SDR Inclusion, perhaps inclusion looks farther away?

More on yuan devaluation here.

From ZeroHedge: China Devalues Yuan Fix By Most On Record, Plunges To 28-Month Lows Against The Dollar

PBOC TO PROMOTE CONVERGED ONSHORE, OFFSHORE YUAN EXCHANGE RATE
*PBOC SAYS TO CONVERGE ONSHORE, OFFSHORE YUAN EXCHANGE RATES

Also see The Informational Power of the Offshore Yuan Exchange Rate.