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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

Published Fri, Aug 12, 2016 · 09:50 PM
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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 generated speculation ever since about whether the financial authorities intended to devalue the yuan dramatically to boost growth.

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