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Published on Monday, December 14, 2015 | Updated on Monday, December 14, 2015

China | Depreciation takes hold after new RMB index set to track EUR and JPY more closely

On December 11, the PBOC indicated that the RMB will be loosely pegged to a basket of 13 currencies. Weights for the different currencies were also provided as part of the announcement. We identify some upside risks to our end-15 forecast of 6.45 CNY/USD but maintain our end-16 forecast at 6.8 CNY/USD.