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But the lingering risk of turbulence set off by a steep depreciation of China's currency is keeping investors on guard for a rapidly strengthening yen.</p><p><b>Regional ripples</b></p><div class="page_limit free"></div><div class="page_limit"></div><p>The People's Bank of China set its reference rate for yuan trading at 6.5889 yuan to the dollar Wednesday, the weakest since February 2011. This value, announced each morning, is the midpoint of the range in which the Chinese currency can be traded each day.</p><p>"The yuan has traded at a level noticeably below the reference rate in the Chinese market over the past several days," said Makoto Noji, a senior strategist at SMBC Nikko Securities. "It has become easier to imagine a major yuan slide in the future."</p><p>One-year yuan futures traded around 6.76 to the dollar, reflecting foreign traders' expectations of further depreciation.</p><p>Traders have become all too familiar with large declines in the yuan's value of late. The People's Bank of China last August introduced a more market-based method of calculating its reference rate, a move that put the yuan at a level nearly 2% weaker than on the previous day. This turn coincided with a slide in stock prices, darkening investor outlook for the Chinese economy. The ensuing surge in risk aversion sent the value of Japan's traditionally safe-haven yen soaring.</p><p>Another stumble by China's stock market at the beginning of 2016 soured sentiment once again. Ongoing weakening in the central bank's yuan rate caused the yen to appreciate then as well.</p><p><b>What next?</b></p><p>Financial markets are much more placid now than then. The yuan's current slide against the dollar is gentle enough to be taken as simply reflecting mounting expectations for another U.S. interest rate hike. There are no signs of a pending market jolt.</p><p>But lingering fears that the Chinese economy could slow further has kept some on alert for large market swings if the yuan continues to depreciate.</p><div class="page_break auto free"></div><div class="page_break auto"></div><p>"Exports remain sluggish, keeping the risk that the People's Bank of China could slash its reference rate on the table," said Shinichi Seki, a vice senior economist and China expert at the Japan Research Institute. Now that China has reined in capital outflows, it would not be out of place for the central bank to guide the yuan weaker with an eye toward boosting exports.</p><p>Considering that "the value of the yuan and dollar remain strongly correlated," repeated U.S. interest rate hikes may open "the possibility of a sharp cut to the yuan as a means to stimulate exports," said Daisuke Karakama, chief market economist at Mizuho Bank.</p><p>Chinese authorities are still unused to having a dialogue with markets, meaning their offhand actions frequently spark turbulence. 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