For years, corporate treasurers in China had it easy. The renminbi rate, controlled by the central bank, was either pegged or appreciated slowly against the dollar, making foreign exchange management a safe and predictable process – if indeed they bothered at all.
So, when the People's Bank of China (PBoC) unexpectedly devalued the onshore renminbi by 4% against the US dollar over two days in August, many treasurers were caught on the hop. The worst affected were unhedged importers and those wit
The week on Risk.net, July 7-13, 2018Receive this by email