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Last Updated : Aug 14, 2015 09:42 AM IST | Source: CNBC-TV18

Eye on yuan movement: CLSA

The risk is that investors will now assume the worst until proven otherwise, namely that China has abandoned its goal of building a consumption-driven economy and has joined the competitive devaluation race, says Chris Wood of CLSA.


Chris Wood of CLSA said, "The potential for downside overshoot in Asian stock markets has grown with the PBoC's decision on Yuan devaluation. The risk is that investors will now assume the worst until proven otherwise, namely that China has abandoned its goal of building a consumption-driven economy and has joined the competitive devaluation race."

"Greed & Fear's base case remains that China will only be prepared to see up to a 5 percent devaluation this year but after the moves of the past two days, it will take several days of the reference rate being left unchanged for the market to start to believe this," he added.



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First Published on Aug 14, 2015 08:43 am
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