21.12.2015 - China to devalue its currency further
In the last twelve months, most emerging markets’ currencies depreciated against the US dollar, helping improve their competitiveness. However, economies with a US dollar peg appreciated against other currencies. These include the export-intensive GCC countries, Hong Kong and China, which may face additional appreciation pressure after the Federal Reserve raised interest rates. China has already acted to reverse the appreciation trend, according to a report prepared by Camille Accad, economist at Asiya Investments Company. In August, the central bank devalued the yuan following a change in the way it determines the country’s foreign exchange rate, which includes taking into consideration other major currency movements rather than just the US dollar...............................................Full Article: Source
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