On November 16, the People’s Bank of
China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.8592 against the US dollar, down 97 base points compared to the official rate of RMB 6.8291 on November 14, with the Chinese currency now at an eight-year low against the US dollar. On November 16, the Chinese currency stands at RMB 7.3592 against the euro, RMB 8.5412 against the British pound, RMB 5.1777 against the Australian dollar, and at RMB 5.1006 against the Canadian dollar, compared respectively to RMB 7.3676, RMB 8.5811, RMB 5.1887 and RMB 5.0662 on November 15.