China: The Ongoing Depreciation In Yuan May Persist – Analysis
One week after the People’s Bank of China (PBoC) announced the use of its currency management toolbox, the onshore Chinese yuan or Chinese renminbi (CNY) to U.S. dollar (USD) exchange rate fell below 7.32, hitting a new low since 2008, and the offshore yuan also dropped below 7.34.
On September 7, the central parity rate of...