On November 14, the People’s Bank of
China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.8291 against the US dollar, down 176 base points compared to the official rates of RMB 6.8115 on November 11, marking the weakest level of the Chinese currency against the dollar in the past six and a half years. On November 14, the Chinese currency stands at RMB 7. 3808 against the euro, RMB 8.5806 against the British pound, RMB 5.1501 against the Australian dollar, and at RMB 5.0471 against the Canadian dollar, compared respectively to RMB 7.4071, RMB 8.5411, RMB 5.1809 and RMB 5.0463 on November 11.