On July 6, the People's Bank of
China (PBOC) announced a further devaluation of the Chinese currency to RMB 6.6857 against the US dollar, compared to the official rate of RMB 6.6594 on July 5, down 263 points, falling to the lowest level against the dollar since November 2010. With the latest data, on July 6 the Chinese currency has been to RMB 7.3841 against the euro, RMB 8.6647 against the British pound, RMB 4.9698 against the Australian dollar, and RMB 5.1403 against the Canadian dollar, compared respectively to RMB 7.4161, RMB 8.8408, RMB 5.0108 and RMB 5.1738 on July 5.