On November 8, the People’s Bank of
China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.7817 against the US dollar, compared to the official rates of RMB 6.7725 on November 7 and RMB 6.7514 on November 4. On November 8 the Chinese currency stands at RMB 7. 4893 against the euro, RMB 8.4083 against the British pound, RMB 5.2319 against the Australian dollar, and at RMB 5.0678 against the Canadian dollar, compared respectively to RMB 7.5099, RMB 8.4482, RMB 5.1950 and RMB 5.0598 on November 7.