Analyst reaction round-up: RMB fix bad news for currency, good news for reform

A second day of weakening in the People's Bank of China (PBoC) fixing of the onshore renminbi (CNY) by 1.6% on August 12 saw analysts divided between seeing the new fixing system as a positive step for the reform agenda while also warning that sharp and rapid depreciation of the RMB did not bode well for the currency's global appeal.