17.08.2016 - Nash and Wray - China must act boldly on currency
It has been a year since China unexpectedly devalued the yuan, setting off weeks of alarm in global financial markets. Companies scurried to repay foreign currency debts, residents moved to diversify their savings abroad and traders struggled to figure out how the currency should be valued. Beijing supposedly made the adjustment to accommodate the yuan's inclusion in the International Monetary Fund's Special Drawing Rights basket of reserve currencies. Officials later announced the yuan would be managed around a basket of currencies as opposed to the previous peg to the U.S. dollar...............................................Full Article: Source
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