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China Weakens Yuan Fixing by Most Since August as Dollar Surges

  • Reference rate weakened by most since aftermath of devaluation
  • Natixis sees "mild" declines for Chinese currency continuing
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China Weakens Yuan Fixing by 0.9%

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China weakened its currency fixing by the most since last August as global market turmoil spurred by Britain’s vote to leave the European Union sent the dollar surging.

The People’s Bank of China set the reference rate 0.9 percent weaker at 6.6375 a dollar. A gauge of the greenback’s strength jumped 2.4 percent in the past two days, the most since 2011, as the British pound and the euro tumbled. The yuan dropped 0.3 percent to 6.6473 as of 6:44 p.m. in Shanghai, heading for its weakest close since December 2010.