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What the Chinese Devaluation Means for Apparel Brands

The People’s Bank of China’s abrupt decision earlier this month to devalue its currency was characterized by Chinese central bank authorities as an effort to drive the currency toward more market-driven movements.

The yuan, or renminbi, which has been closely pegged to the U.S. dollar since 1994, when it fell by 30 percent as part of a break from the communist’s state central planning, had been rising steadily for most of the past decade. On Aug. 10, it was devalued by more than 2 percent, and allowed to move a bit more freely on a day-to-day basis. Two days later, the PBC devalued the currency again.

Read more at Sourcing Journal.