The Renminbi Revaluation
On July 21, China devalued the renminbi 2.1% to 8.11 per U.S. dollar and revised its exchange rate policy. Since then, the renminbi has not changed much relative to the dollar, suggesting that this revaluation may not be the first in a near-term series.
Suggested citation: “The Renminbi Revaluation,” Federal Reserve Bank of Cleveland, Economic Trends, no. 05-08, pp. 09, 08.01.2005.