China pauses renminbi devaluation
Signals short-term rate stabilising; analysts give warnings as
China strengthened the renminbi's daily fix against the US dollar today (August 14), for the first time since its shock devaluation of the currency on Tuesday (August 11), signalling the redback has reached its short-term equilibrium under the country's new exchange rate regime, analysts say.
The People's Bank of China (PBoC) set the RMB midpoint value at 6.3975 against the dollar today (August 14), according to the China Foreign Exchange Trading System – 0.05% higher than on the previous day.
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