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

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.