There was more troubling news from China yesterday, as the world’s second largest economy felt the brunt of the slide in commodities – most notably crude oil. An 11 year low on Brent crude has caused Global stocks to fall to a three month low – in response to this, China’s central bank lowered the yuan reference rate, pushing the yuan to a five year low. This is worrying news, not only for China but also for much of the rest of the world because last time they devalued their currency in August 2015 it shook various currencies including the Canadian dollar; which fell to a 12-year low!
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