China Sets Yuan Fix at Weakest Since ‘08 After Currency Drop
- Monday’s fixing seen to be roughly in-line with expectations
- Yuan volatility seen to increase as U.S.-China tensions rise
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China set its daily yuan reference rate at the weakest level since 2008 after the currency hit a seven-month low in onshore trading Friday amid increasing political tensions with the U.S.
The People’s Bank of China put the yuan fixing at 7.1209 per dollar. That compares with the 7.122 average estimate in a Bloomberg survey of traders and analysts. The fixing limits the onshore yuan’s moves to 2% in either direction.