Effective CNY still strong after devaluation

The IMF responded positively to the changes in China, so the CNY has not ruined its chance of being included in the SDR basket, to be decided later this year. 

"If the economy develops as expected, the CNY is still on track to become fully convertible in 2017. However, Beijing's strong interference in both the stock and currency markets during the summer is not encouraging from a liberalisation perspective", says Nordea Bank. 

It raises a question whether the government is ready to accept liberalised financial markets that inevitably will see more volatility.