Chinese stocks are holding on to modest losses in the pre-open as the PBOC weakens the Yuan fix by the most on record. The 1.9% devaluation sends the Yuan to its weakest since April 2013. Gold is leaking lower as the offshore Renminbi collapses by the most since Oct 2011. PBOC weakens Yuan fix by 1.9% - the most ever... Quite a shocking move, clearly aimed at regaining some competitiveness, one must wonder, given the lackluster response in stocks whether this will merely exacerbate capital outflows... though it does make one wonder who was buying yesterday ahead of the news... Given The IMF's delay decision, it seems ... (full story)