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China Joins the Currency Wars

China Joins the Currency Wars

4 Years ago | August 11, 2015 00:00:00

The PBOC shocked the fx world on Tuesday by devaluing the CNY vs. the US Dollar. This saw the USD spike higher by almost 3% vs the Chinese currency and sent reverberations through all markets. While the Chinese central bank said this was a one-off event, it did change the way it fixes the midpoint daily.

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