Beijing lowered the yuan again yesterday after a shock devaluation on Tuesday, roiling markets across the world and deepening fears of even more weakening of the currency.
With a dramatic devaluation of the yuan yesterday, Beijing brought out the bazookas in a move that might escalate a regional currency war that it had until now chosen to avoid.
Offshore investors will be able to trade select contracts in China's onshore commodity futures markets with foreign currency or yuan from today, marking another milestone in the deregulation of the nation's capital markets and the globalisation of the currency.
Shanghai shares ended yesterday posting their strongest weekly gain since last month back when the benchmark index was headed for a seven-year high.
Hong Kong and mainland stocks ended another volatile session higher yesterday, but the gains risk overstating what analysts said were tentative bounces from some of the sharpest falls since the global financial crisis.