China announces further currency devaluation

On December 29, the People’s Bank of China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.4864 against the US dollar, compared to the official rate of RMB 6.4750 on December 28. With the latest devaluation, on December 29 the Chinese currency has been devalued to RMB 7.1183 against the euro, RMB 9.6585 against the British pound, RMB 4.7089 against the Australian dollar, and RMB 4.6712 against the Canadian dollar, compared respectively to RMB 7.1007, RMB 9.6621, RMB 4.7098 and RMB 4.6802 on December 28.

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