The actions of the Chinese central bank have increased the volatility in the financial markets. Since October 2012 through the first ten daysof August 2015, the USD/CNY exchange rate has been in the 6.04-6.27 range. At present, the dollar is worth roughly 6.4 yuan. And for now,a further weakening of China's currency by 10%, expected by some market participants, to 7.11 yuan for a dollar looks problematic.Yes, the Chinese economy is contracting, but it is not in a recession. In the first half of the year, the China's GDP growth rate was 7% (y/y), which the Chinese Central Bank would like to see for the whole of 2015.
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The Yuan wants to become a reserve currency
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