Related Keywords: Currency devaluation, RMB devaluation, textile export, yarn export, yuan devaluation
The People’s Bank of China (PBC) devalued the Renminbi (RMB/Yuan) on 11 August by 2015 by 1.9%, the largest one day devaluation since 1994. The ‘daily fix’ of the currency to the US$ moved out to almost 6.23 Yuan versus 6.1162 Yuan the previous day. Although the move spooked global markets and raised yet more concerns about the health of the Chinese economy, it will be interesting to gauge its impact on global trade, particularly that of textiles.
