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
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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