PBOC Cuts Reference Rate by Most in Six Weeks

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.