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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.


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...