More devaluation to come as FX traders think RMB could drop another 6%

The renminbi could be set to fall another 6% before it finds a bottom, onshore China FX traders told GlobalRMB on Wednesday, after two days of the biggest devaluations in the currency for decades. The daily fix fell 1.86% on Tuesday and a further 1.62% on Wednesday, to 6.3306, but traders said that it could hit 6.70 before finding a bottom.