Asia: Don’t forget the bigger picture

The long-awaited revaluation of the Chinese yuan in July provoked quite a stir across the markets, as investors frantically chased profits. Foreign exchange markets predictably flurried and volumes traded by customers on the EBS Spot System surged to a record level following the move. Counterparties transacted more than 107,299 deals during the day of the devaluation, July 21, with an average deal completion time of less than 400 milliseconds and an average number of 400 quotes in the market.