The Wall Street Journal reports the RMB fell to its weakest level against the U.S. dollar since late 2010, after China’s central bank cut its daily-fix value for the currency by the biggest margin since a one-time devaluation in August 2015. The sharp move in the yuan fixing was a reaction to volatility in currency markets following the U.K.’s Thursday decision to leave the European Union, and especially to a surge in the U.S. dollar Friday as haven currencies jumped. The People’s Bank of China on Monday fixed the yuan at 6.6375 per U.S. dollar, 0.9% weaker than Friday’s fixing of 6.5776. That move in the fixing level was slightly less than the 1.1% devaluation last August. The currency is allowed to trade up or down 2% from the daily fix.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved