August 12, 2015 / 1:35 AM / 2 years ago

Taiwan central bank allows banks to lower overnight rates for second day

TAIPEI, Aug 12 (Reuters) - Taiwan's overnight interbank rate was guided lower for the second day in a row on Wednesday, traders said, a rare move first made by the central bank on Tuesday.

The rate was lowered to 0.384 percent Wednesday from 0.386 percent on Tuesday, traders said.

Taiwan's markets have also been buffeted by the devaluation of the yuan. The local dollar, also hurt by slowing growth in the domestic economy, fell to a low not seen in nearly five years against the U.S. dollar on Tuesday. (Reporting by J.R. Wu; Editing by Eric Meijer)

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