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Michael Hasenstab

Executive Vice President, Portfolio Manager- Chief Investment Officer, Templeton Global Macro

Executive Vice President, Portfolio Manager, Chief Investment Officer, Templeton Global Macro

A Macro View Of Recent Market Volatility

China's recent devaluation of its currency has raised a lot of questions, and there has been a near-panic response across financial markets. However, we do not believe that the renminbi's depreciation is something that should come as an enormous shock to global markets. While the renminbi has depreciated about 5% over a short time frame, we believe the pace is likely to remain relatively controlled as the government incrementally moves towards a more market-driven environment. Importantly, we do not think the move is a signal of a massive depreciation to come.
31/08/2015 8:25 AM IST