The value of the yuan might go down as well as up. That was the message from the People’s Bank of China when it announced last month that it was removing the dollar peg adopted in 2008 as an anti-crisis measure and returning to a managed float against a trade-weighted basket of currencies. To emphasize the point, on the first day of the new regime the PBoC left the reference rate unchanged at 6.8275 before allowing a series of small appreciations in the following week.
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