12
Aug
01:00
CNY devaluation and reform boosts Chinese steel exporters
The People’s Bank of China (PBoC) fixed its official daily exchange rate down -1.86% to CNY 6.23 per US dollar on Tuesday, the biggest one-day devaluation in several years, followed by a -1.6% drop on Wednesday.
The immediate impact on steel export volumes is uncertain, but allowing market forces to decide the exchange rate could mean a medium-term increase in China’s already formidable competitiveness, Kallanish notes.
Wednesday…
This article contains premium data.
It is only available for active subscribers and clients currently
on trial. To continue reading, see the options below.
on trial. To continue reading, see the options below.
Truly global, user-friendly coverage of the steel and related markets and industry that delivers the essential information quickly while delivering on most occasions just the right amount of between-the-lines comment and interpretation for a near real time news service of this kind.
Anonymous
Very good overview of the weekly steel market.
Anonymous