PBOC Cuts Reference Rate by Most in Six Weeks

referenceAn employee counts Chinese one-hundred yuan banknotes next to stacked Chinese one-hundred yuan banknotes for a photograph at the Korea Exchange Bank headquarters in Seoul, South Korea. Photographer: SeongJoon Cho
PBOC Cuts Reference Rate

The Chinese yuan weakened after the People’s Bank of China lowered its daily reference rate by 0.17 percent, the most in six weeks.

According to China Foreign Exchange Trade System prices, the currency plunged 0.08 percent to 6.5284 against the US dollar as of 9.36 a.m. in Shanghai.

In Hong Kong’s offshore market the yuan dropped as much as 0.1 percent to 6.5347, the lowest in almost two weeks. The onshore spot rate can diverge from the central bank’s fixing by a maximum 2 percent.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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