On December 12, the People’s Bank of China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.9086 against the US dollar, down 114 base points compared to the official rate of RMB 6.8972 on December 9. On December 12, the Chinese currency stands at RMB 7.2842 against the euro, RMB 8.7014 against the British pound, RMB 5.1483 against the Australian dollar, and at RMB 5.2671 against the Canadian dollar, compared respectively to RMB 7.3171, RMB 8.6752, RMB 5.1400 and RMB 5.2263 on December 9.