Bank of China went to a new devaluation of the yuan

Almaty. 10 September. Silkroadnews - PBOC lowered the reference rate of the yuan by 0.22% to 6.3772 yuan per $1, which is the worst figure for the last month, reported RBC.
Analyst of Bank of East Asia Keniks Lai believes that the national bank (NB) will be forced to cut their spending to support the national currency, since it costs the country too expensive: in August China's foreign exchange reserves declined by $93.9 billion. At the same time the yuan has remained virtually flush from March 2015, in August dropped by about 4%".
In the course of trading on the Shanghai Stock Exchange on Thursday, China's currency (according to the current rules it can not deviate from the reference rate of the NB by more than 2%) was reduced to the level of 6.3864 yuan per $1. In Hong Kong, where the restrictions on the exchange rate are not available, the dollar rose to 6.4682 yuan.
Earlier it was reported that studies conducted by government agencies of China, will allow the weakening of the Chinese currency by the end of 2015 up to 7 yuan per $1, and a year later - up to 8 yuan. This means the devaluation of the Chinese currency from the current level will be by 8% by the end of 2015 and by 20% - by the end of 2016.
Earlier, the chairman of China's State Council Li Keqiang said that his country has no plans to unleash a currency war and will maintain a stable exchange rate of the national currency at a reasonable level. According to him, the purpose of carrying out a large-scale devaluation in August was "the expansion of the market basis for the formation of the exchange rate".
"At the same time Li Keqiang promised to open the foreign exchange market of mainland China for the central banks of other countries, thereby facilitating access to assets denominated in Renminbi, and said that China's economy, despite some difficulties remain stable", - stated in the information.
It also reported that at the end of August 2015, annual inflation in China reached 2%. At the same time happened the fastest rise in price of products, especially pork and vegetables. In accordance with the official forecast by the end of 2015, consumer prices in China are expected to grow by 3%, while in 2014 they increased by 2%.