China's central bank has devalued by the RMB by 1.83%. The exchange rate now stands at 6.2298 Yuan to 1 U.S. Dollar, according to China Foreign Exchange Trade Center. This is a record decline in value for China's RMB.
The RMB is also weakened in comparison to the Hong Kong Dollar. The Hong Kong Dollar increased in value by 0.04%: 1 U.S. Dollar is now equal to 7.76 Hong Kong Dollars.
UBS reported that the Chinese government would like to see a more substantial devaluation of the RMB against the USD. It is expected that the RMB will be valued at 6.5 against the U.S. Dollar at the end of the year, and 6.6 at the end of 2016.
Source: inews.qq.com
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Keywords: China central bank RMB 1.83% devalue UBS RMB devalued
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"美元兑港元报7.7555，涨0.04%" "The RMB is also weakened in comparison to the Hong Kong Dollar. The Hong Kong Dollar increased in value by 0.04%:..." This ambiguous translation is easily misread as Hong Kong Dollar increased in value by 0.04% against RMB when it is 3%.
Aug 12, 2015 16:02 Report Abuse
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