P.M. BRIEFING : China to Devalue Yuan 9.57%
China will devalue its currency 9.57% from the present buying rate of 4.71 to the U.S. dollar, effective Saturday, the New China News Agency said today.
No details of the calculation method used or of the new rate were available.
It was China’s second currency devaluation in less than a year as Beijing slashes the value of the yuan to boost profits from exports. Imports, which have fallen sharply this year because of administrative controls and a devaluation last December, are likely to decline further, diplomats said.
From January to October this year, total trade declined by 2.8% against the same period a year ago to $68.32 billion. Exports rose 16.69% to $38.81 billion, and imports fell 20.27% to $29.51 billion.
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