Economics
Yuan Declines for a Fourth Week on Signs PBOC Allowing Weakness
- Currency index’s replica is below 95 for first time since 2014
- June factory gauge worsens, while services measure improves
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The yuan weakened for a fourth week on speculation that the authorities are allowing the currency to drop as the U.K.’s vote to withdraw from the European Union clouds the outlook for the world’s second-largest economy.
The Chinese currency fell 0.2 percent to 6.6599 per dollar as of 5:25 p.m. in Shanghai, taking this week’s loss to 0.5 percent. It fell earlier to a five-year low of 6.6620. A Bloomberg replica of a 13-currency index tracked by the People’s Bank of China, which is based on spot movements, also dropped below 95 for the first time since October 2014.