Yuan Weakens Most in Three Months as PBOC Widens Trading Band
The yuan weakened by the most in almost three months after China’s central bank widened the currency’s trading band for the first time since 2007 and lowered its daily reference rate.
The currency dropped 0.31 percent to 6.3228 per dollar as of 9:38 a.m. in Shanghai. The People’s Bank of China cut its daily fixing by 0.13 percent to 6.2960 after doubling the limit of the currency’s moves to 1 percent from the reference rate.
The yuan fell as much as 0.43 percent from today’s fixing, not making use of the new limit.
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