A year ago, China rattled markets from Mexico City to Mumbai as a tweak to its currency policy sent the yuan tumbling.
One year later, the renminbi, as the currency is also known, appears set to slide, but markets aren’t taking fright.
On August 11, 2015, China shifted the market mechanism for setting the yuan’s daily fix against the dollar, saying it would set the spot rate based on the previous day’s close, theoretically allowing market forces to play a greater role in its direction. China’s policy makers allow the yuan to move within a 2 percent band around the daily fix and fixings in the past had been a bit more arbitrary.
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