2015-08-19 — sputniknews.com
... a simple 2 per cent devaluation may not be enough to boost China's exports. After all the yuan appreciated more than 10 percent over the past year relative to China's top trading partners. Thus the inside word in Beijing about "powerful voices inside the government" pushing for the Bank of China towards an overall 10 per cent devaluation of the yuan. Now that would certainly boost exports.
... the IMF also admits that, "a more market-determined exchange rate would facilitate SDR operations in case the Renminbi were included in the currency basket going forward." So this is what it's all about; Chinese adjustments with an eye to get the yuan ready to qualify for reserve currency status.
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