On November 21, the People’s Bank of China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.8985 against the US dollar, down 189 base points compared to the official rates of RMB 6.8796 on November 18. November 21 is the twelfth consecutive working day on which the Chinese currency has declined in value against foreign currencies.
On November 21, the Chinese currency stands at RMB 7.3080 against the euro, RMB 8.5161 against the British pound, RMB 5.0550 against the Australian dollar, and at RMB 5.1156 against the Canadian dollar, compared respectively to RMB 7.3102, RMB 8.5514, RMB 5.1020 and RMB 5.0931 on November 18.