Yuan falls to 5 1/2 year lows vs USD as PBOC fails to intervene

Yuan falling again fuelling reports of the PBOC wanting further devaluation

The PBOC were out with an intervention denial earlier and that only help send the Yuan to new 5 1/2 year lows of 6.6591.

Market now of the opinion that the rumours of them wanting the pair to hit 6.800 by year-end may not be so far off the mark.

Update: Official close at 08.30 GMT 6.6582 vs 6.6433 yesterday

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