汇改一年后的人民币 - 2016年08月18日

ONE year after China's surprising devaluation of its currency, the central bank seems to have assuaged market panic as it leads the yuan slowly lower.

Fear, at least for now, has largely disappeared from financial markets, with currency options showing their least bearishness in almost two years.

On August 11 last year, the government-controlled yuan depreciated 1.8 percent, triggering a sharp outflow of US$175 billion in the ensuing three months. The People's Bank of China reignited currency fears in January by paring the yuan's reference rate for eight days in a row. The central bank sets a range within which the yuan can trade.