China allows value of yuan to continue to fall

China let the daily reference rate of the yuan drop to its lowest point against the dollar in a year and a half on Monday, The Wall Street Journal reported. As sluggish economic news sent jitters through the market, the People’s Bank of China set the daily reference rate Monday at 6.1312 to the dollar, compared with 6.1201 to the dollar on Friday. The 0.18% change represented the largest one-day move in the rate since July 2012. The central bank determines the rate each day, and then allows the currency to trade as much as 1% higher or lower.