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The yuan anniversary that really matters

Breaking the US dollar peg 11 years ago helped set the stage for China's emergence as an economic superpower
Saturday, August 13, 2016 - 05:50

'YUANNIVERSARY': The People's Bank of China's sudden devaluation of the yuan last year was an epic market shock, but the 2005 move was a bigger milestone for China's economy.

Hong Kong

CHINA'S sudden devaluation of its currency a year ago this week - dubbed the "yuanniversary" by traders - was an epic market shock.

The People's Bank of China (PBOC) weakened the yuan by almost 2 per cent on Aug 11, 2015. It was a move that baffled many investors and has

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