RMB’s dramatic drop: Your guide to what it means
Following the move by the People’s Bank of China to devalue the renminbi, CT compiles excerpts from analyst reports to assess what it means for Asia’s treasurers.
The People’s Bank of China (PBoC) changed how the reference rate for the renminbi is calculated on August 11 and devalued the currency in a move that shocked the markets. The mid-point between the renminbi and US dollar will now be based on rates provided by market participants and the previous day’s close.
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