Beijing called it a step towards financial liberalisation but that did little to mask the true nature of a decision that, at a stroke, reduced the value of the renminbi by 1.9 per cent. This was a devaluation — a modest one, but still the biggest one-day change in the value of the currency since China began daily adjustments a decade ago. The consequences may be profound.
北京方面周二突然將人民幣貶值1.9%，稱這是向金融自由化方向邁進的一步，但這無助于掩蓋該決定的真正本質。這是一個貶值舉動——幅度不大，但仍是中國10年前開辟人民幣每日浮動區間以來最大的單日變動。其后果可能是深遠的。
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