China has made concessions that he was worth nothing

"Today on the foreign exchange market, significant changes have occurred", - commented Sergei Bank.ru Karyhalin, senior analyst at IG Kapital. "The single European currency fell slightly against the dollar. Not significantly declined in oil prices. Now the "black gold" is trading at 77 dollars per barrel. The ruble weakened slightly against the currency basket. I recall that in early June, in the first 10 days, the markets corrected, falling stocks, declining oil prices, all the commodity currencies to give up their dollar positions, etc. But then the situation has changed. The main factor for Russia - oil. In addition, I note that recently changed the policy of the Bank of Russia. He became less predictable. Of course, this does not make the Russian currency market is more stable and transparent. In my opinion, if oil remains within the 70-75 dollars per barrel, no significant changes prior to the fall in the market will not. There is much talk about changing monetary policy in China. Until the recent decision of the authorities of China dollar was tightly pegged to the dollar, one dollar was worth slightly less than seven yuan. Other countries have accused China that the Chinese authorities deliberately understate the rate of its currency. Thus, the Chinese manufacturers had an advantage. Their goods cost less. A few days ago China announced that monetary policy will become more flexible, would allow the yuan to fluctuate around 0.5% per day. The PRC has recently pressured. EU and U.S. to give that mitigating monetary policy in China will enable them to solve their problems with exports. That is, the euro and the dollar will become cheaper relative to the renminbi, will become more accessible to European and American goods, and Chinese, by contrast, will rise in price. But this is unlikely to happen. To strengthen the yuan are no prerequisites not. On Monday, after deciding the yuan has risen. But then again fell. By and large, no change. China has made concessions that he was worth nothing. But he now has every right to say, you asked us, here and receive. But the yuan is still pegged to the dollar. Prior to this "momentous" decision experts predicted that by the end of the year the yuan has appreciated by 2%. Now the forecast has changed, market participants are waiting for the strengthening by 3%. This is a very modest figures. On the Chinese economy any impact this decision will not have. And it is doubtful that it will help the Europeans and Americans. China will still do so, as his advantage. And no external pressure will not force him to sacrifice the interests of their exporters ", - the expert believes.