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Bank of America Merrill Lynch thinks so. The bank thinks China will devalue the yuan by 3-4% in the second week of December after the IMF decides on the SDR matter on November 30.

"The RMB could be deceptively stable over the next couple of weeks but reduced intervention and a more flexible fixing would inevitably be associated with a weaker currency – we would potentially look to add to CNH shorts soon after the SDR decision on Nov 30," wrote Merrill's currency analysts. The bank sees the yuan to fall to 6.90 by the end of 2016.