[20150817]IN10342_中国的货币贬值.pdf

Chinas Currency DevaluationAugust 17, 2015 (IN10342) | |James K. Jackson, Specialist in International Trade and Finance (jjacksoncrs.loc.gov, 7-7751)On Tuesday, August 11, 2015, the Peoples Bank of China (PBC), Chinas central bank, surprised global financial markets by lowering the reference rate of the renminbi, effectively depreciating the currency, and adopting a new method for determining the currencys value. Some observers view this action as part of Chinas recent efforts to move toward a more market-oriented exchange ratea view that could be reinforced if China allows its currency the same latitude to appreciate. Congress has had long-standing interest in how China manages its currency (see CRS In Focus IF10139, Chinas Currency Policy, by Wayne M. Morrison).The PBCs action on August 11 led to an immediate 1.9% depreciation of the renminbi, the largest one-day devaluation of the currency in more than two decades, and more than 4% since August 11. By August 12, 2015, the PBC also intervened in foreign exchange markets to blunt further depreciation of the renminbi by instructing Chinese banks to sell dollars, effectively attempting a managed depreciation. The PBCs announcement n