Yuan Ripples Reach Kazakhstan as Tenge Drops Most Since 2014
This article is for subscribers only.
Kazakhstan allowed its currency to weaken the most since a devaluation 18 months ago, signaling Central Asia’s biggest crude exporter wants to adjust to declines in the exchange rate of its top trading partners, China and Russia.
The tenge retreated 4.5 percent to 197.28 per dollar by 5:10 p.m. in Almaty. That was the steepest retreat since the central bank, which uses its foreign-currency reserves to manage the exchange rate within a trading band, let it drop about 20 percent in February 2014.