(Hedgefund Intelligence) The RMB devaluation on August 11 surprised global markets because it marked the end of a Chinese yuan-US dollar peg strategy, which made the RMB a one-way bet for traders as the dollar strengthened. If we look at it logically, China’s central bank has clarified that its currency management regime has changed towards a controlled free-float, in which central bank currency intervention is the exception, not the norm.
What Will be the Impact of China’s Currency Devaluation?
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