PBoC opens renminbi up to market forces

peoples-bank-of-china-new
The People's Bank of China

The People's Bank of China (PBoC) announced plans to link the value of the renminbi to the interbank foreign exchange market today (August 11), triggering a sharp devaluation in the currency.  

In a statement, the central bank said the exchange rate would be set according to the closing rate of the interbank foreign exchange market on the previous day, "in conjunction with demand and supply conditions in the foreign exchange market and exchange rate movements of the major currencies".

As a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.