BCM: Renminbi depreciation will not affect local market

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The renminbi’s depreciation would not significantly affect the local market, Eddie Kong, Chief Executive Officer of BCM Bank, said yesterday. Speaking on the sidelines of the company’s opening ceremony for its new branch in Rua de Pedro Coutinho, Kong said the currency experiences periodic adjustments, indicating the current one is adequate and ordinary for economic growth. Meanwhile, Mr. Kong believes the recent increase in U.S. interest rate would definitely have an impact upon local users, but added that the adjustment would be slow.