On November 15, the People’s Bank of
China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.8495 against the US dollar, down 204 base points compared to the official rate of RMB 6.8291 on November 14, with the Chinese currency thus falling to a new low against the dollar. On November 15 the Chinese currency stands at RMB 7. 3676 against the euro, RMB 8.5811 against the British pound, RMB 5.1887 against the Australian dollar, and at RMB 5.0662 against the Canadian dollar, compared respectively to RMB 7.3808, RMB 8.5806, RMB 5.1501 and RMB 5.0471 on November 14.