China, unencumbered as it is by global pacts and commitments on market rates, has reacted swiftly this week.
State banks have sold dollars to slow the yuan's decline, and the mid-point for daily trade has also been adjusted.
Likewise, when it's around the 145-150 levels, the yen tips the cost-benefit balance for Japan too.
Japan's yen has weakened against the dollar so far this year significantly more than its regional counterparts.
The yuan has slid more than 4% against the dollar so far this year.
Persons:
Vidya Ranganathan, Masato Kanda, Muralikumar
Organizations:
Vidya, ECB's, Thomson
Locations:
U.S, China, Japan, ECB's Sintra