China cuts Yuan fix...
China cuts yuan fix in biggest move since devaluation
SHANGHAI: China's central bank on Wednesday fixed the yuan currency nearly 0.60 per cent weaker against the US dollar, according to the national foreign exchange market, the biggest downward move since devaluing the unit in August last year.
The People's Bank of China set the value of the yuan — also known at the renminbi (RMB) — at 6.4943 to $1.0, weakening 0.59 per cent from the fix of 6.4565 the previous day, according to data from the Foreign Exchange Trade System.
China only allows the yuan to rise or fall two per cent on either side of the daily fix, one of the ways it maintains control over the currency...
SHANGHAI: China's central bank on Wednesday fixed the yuan currency nearly 0.60 per cent weaker against the US dollar, according to the national foreign exchange market, the biggest downward move since devaluing the unit in August last year.
The People's Bank of China set the value of the yuan — also known at the renminbi (RMB) — at 6.4943 to $1.0, weakening 0.59 per cent from the fix of 6.4565 the previous day, according to data from the Foreign Exchange Trade System.
China only allows the yuan to rise or fall two per cent on either side of the daily fix, one of the ways it maintains control over the currency...
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