| A sharp drop in the value of the yuan appears imminent, even though its international prestige has been heightened with a decision by the International Monetary Fund to include the Chinese currency in the basket of currencies constituting the special drawing rights.
A dreadful slump affecting China’s export-oriented industries has accelerated selling of the yuan on the exchange market while doubts have been cast on Beijing’s ability to shore up the currency. A rapid fall in the yuan’s value could further exacerbate the Chinese people’s purchasing power and deal a serious blow to a global economy already being shaken by slowdowns in many emerging economies...............................................Full Article: Source
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