If financial markets panicked on the first surprise devaluation announcement - because of "China hard landing"; "currency war"; "deflation pressure"; "commodity price plunges; "Asian financial crisis revisitation"; etcetera (name your favourite spook here), they'll be petrified when the PBOC followed the first one with a second one and a third. https://www.financialstandard.com.au/feed/latest?story=52328116 en-AU Copyright 2026 Financial Standard 5