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Yuan will move in both directions

Sunday, Aug 16 2015
The yuan will probably move in both directions in the future following last week’s devaluation as the economy stabilizes, according to Ma Jun, chief economist at China’s central bank.
 
A more market-oriented pricing mechanism for the yuan will help to avoid excessive deviation from the equilibrium level and significantly reduce the possibility of sudden fluctuations, Ma said in an e-mailed statement on Sunday. The economy will probably grow about 7 percent this year, he said.
 
The yuan halted a three-day slide on Aug. 14 following its first major devaluation since 1994 after the central bank said it will intervene to prevent excessive swings. Policy makers are trying to balance the need for financial stability with a desire for stronger exports and the yuan’s inclusion in the International Monetary Fund’s basket of reserve currencies.
 
Aussie is currently being traded around 0.7380 area. Pair is likely to find support around 0.7320 level and resistance above 0.7450 handle. Later today, in the US session, Empire State Manufacturing Index figures are scheduled for a release.
 
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