On November 18, the People’s Bank of China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.8796 against the US dollar, down 104 base points compared to the official rates of RMB 6.8692 on November 17. November 18 is the 11th consecutive day on which the Chinese currency has declined in value against foreign currencies. On November 18, the Chinese currency stands at RMB 7.3102 against the euro, RMB 8.5514 against the British pound, RMB 5.1020 against the Australian dollar, and at RMB 5.0931 against the Canadian dollar, compared respectively to RMB 7.3551, RMB 8.5529, RMB 5.1475 and RMB 5.1203 on November 17.