The CNY is still one of the least volatile currencies in Asia, but it has become more volatile and is the weakest in Asia this year. Since the beginning of the year, The Chinese government has moved to emphasize management of its exchange rate against a basket of other currencies. Their official basket includes significant components for EUR, JPY, and GBP. As such, even though the CNY has depreciated significantly against the USD, it has been stable against its basket since July. Nevertheless, China did allow the CNY to depreciate steadily against its basket in the first half of the year, and it appears to be ... (full story)