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China may continue yuan depreciation

The decision and timing to devalue the currency are determined by cyclical management issues, which have been made worse by the recent stock market crash.

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AT first sight, the sudden (and unexpected, at least for some) decision of the People's Bank of China (PBOC, China's central bank) to allow a 1.9 per cent depreciation of the renminbi early this week may seem completely unrelated to the turbulence and crash in China's equity market over the past