The Chinese central bank took the markets by surprise on Tuesday August 11 by announcing the biggest one-day drop
of the country's currency in over 20 years.
The move, which was followed by two other overnight depreciation of the renminbi and had immediate impact on commodities markets, was received with concern among Brazilian aluminium industry participants.
"It is worrying, not because of the devaluation itself, but because it improves China's competitiveness," Milton Rego, president of Brazil's aluminium association, Abal, told Metal Bulletin.
Even prior to the devaluation of the yuan, Chinese products such as...