On May 25, the People’s Bank of
China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.5693 against the US dollar, compared to the official rate of RMB 6.5468 on May 24, down 225 points, falling to the lowest level against the dollar since March 2011. With the latest devaluation, on May 25 the Chinese currency has been devalued to RMB 7.3118 against the euro, RMB 9.5998 against the British pound, RMB 4.7238 against the Australian dollar, and RMB 5.0082 against the Canadian dollar, compared respectively to RMB 7.3424, RMB 9.4811, RMB 4.7249 and RMB 4.9789 on May 24.