Today’s PBOC press conference supports our view that the fall in the renminbi as a result of the shift to a new reference rate mechanism was a one-off and not an attempt to engineer a large scale...

A second downward adjustment to the renminbi reference rate today suggests that policymakers are now more willing to give in to market forces than we had previously thought. That said, we still think...

By setting a lower mid-point for the renminbi’s trading band the People’s Bank has sparked speculation that it is embarking on a competitive devaluation of the currency in order to shore up exports...

Yesterday's inflation data suggest domestic price pressures remained broadly stablelast month. Meanwhile, although exports were subdued, policy easing appears to have supported commodity import...