China announces nearly 2% fall in yuan rate v US dollar
china yuan
Shanghai - Arab Today
China's central bank on Tuesday announced a sharply lower daily reference rate for the yuan against the US dollar, saying it was part of moves to make its exchange rate regime more market-oriented.
The People's Bank of China set its so-called "central parity" for the yuan at 6.2298 to $1, compared with 6.1162 yuan the previous day, effectively 1.86 percent lower. Bloomberg News described the reduction as a record.
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