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“No basis” for further RMB devaluation

The general manager of ICBC Singapore believes that recent yuan volatility does not slow down the currency’s ambition to be in the basket of SDR currencies, which may happen “as early as this year.” There was a surge of three-month offshore interbank rates in Hong Kong (CNH Hibor) to a historic high at 6.626 in August, but the rate has since…

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