السبت , يونيو 13 2020

China sets yuan to three-year low

Yuan bills

China says it wants the rate to be more market oriented

The Chinese central bank has devalued the national currency, the yuan, to its lowest rate against the US dollar in almost three years.

The lender said the move was a “one-off depreciation” of 1.9% which would make the exchange rate more market-oriented.

The People’s Bank of China set its central parity for the currency at 6.2298 to $1, up from 6.1162 yuan.

The lender manages the rate through an official midpoint, from which trade can rise or fall 2% on any given day.

At the weekend, China – the world’s second largest economy – reported a surprisingly sharp fall in exports and a slide in producer prices to a near six-year low in July.

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