PBOC sets CNY fix at weakest since May 2008, skips OMO for third straight day

The People's Bank of China (PBOC) cut yuan's (CNY) daily fix by 197 pips to 6.9574 per US dollar Tuesday - the weakest level since May 2008.

Further, the central bank skipped the open market operation (OMO) for the third day in a row, draining CNY 120 billion from the market.