On November 24, the People’s Bank of China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.9085 against the US dollar, down 181 base points compared to the official rate of RMB 6.8904 on November 23, with the Chinese currency now at its weakest level in the past eight and a half years against the US dollar. On November 24, the Chinese currency stands at RMB 7.2817 against the euro, RMB 8.5897 against the British pound, RMB 5.0980 against the Australian dollar, and at RMB 5.1194 against the Canadian dollar, compared respectively to RMB 7.3211, RMB 8.5588, RMB 5.1001 and RMB 5.1292 on November 23.