365 Days Later: China’s Yuan Falls Without the Horror Show

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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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.