Economics
Yuan Weakens as PBOC Cuts Reference Rate by Most in Six Weeks
- Move in the fixing was about 10 times bigger than ANZ expected
- G-20 finance chiefs meet for talks this week in Shanghai
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The yuan fell as the People’s Bank of China cut its daily reference rate by the most in six weeks, damping speculation that the exchange rate will be kept stable before a meeting of the Group of 20 central bankers and finance ministers.
The currency fell 0.04 percent to 6.5257 a dollar as of 4:43 p.m. in Shanghai, according to China Foreign Exchange Trade System prices. The central bank’s fixing was cut by 0.17 percent, more than the decline of about 0.015 percent that Australia & New Zealand Banking Group Ltd. strategist Irene Cheung said she’d been expecting.