The yuan, also called the renminbi, is expected to slide another 2.8% against the U.S. dollar by the end of 2015, according to the survey’s median estimate.
That might not sound like a major decline, but it is a big move for the tightly-controlled yuan.
The currency has already fallen 2.6% against the dollar since January, the vast majority of which came during a two-day drop in early August that stunned investors and contributed to a global stocks selloff.
In addition to the surprise depreciation, the central bank changed the way the yuan’s 2% daily trading band is set — a calculation that now uses the previous day’s closing price instead of the bank’s own opaque process.
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