Is It A One-Off Depreciation For China?
Written by Yichao Wang, GEI Associate
The People’s Bank of China (PBOC) has set its official guidance rate down by almost 3%, from 6.21 to 6.39 yuan per dollar, the lowest point in almost three years. Much of this was accomplished in one day with a decline of 1.9% (see chart below). It also changed the way it calculates the reference rate around which the yuan is allowed to trade in a two percentage point band. Last week, China’s currency dropped by a cumulative 4.4% against the U.S. dollar before recovering to trade very near the target.
Source: http://econintersect.com/pages/contributors/contributor.php?post=201508222248
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