SHANGHAI: China’s central bank lowered its yuan midpoint for the sixth straight trading day on Wednesday, to the weakest in six months, reflecting sharp losses in the currency a day earlier amid rising trade tensions between Beijing and Washington.
The People’s Bank of China (PBOC) fixed the yuan midpoint at 6.5569 per dollar, 389 pips or 0.6 percent weaker than the previous fix of 6.5180.
Wednesday’s fixing was the lowest since Dec. 25, while the move was the biggest one-day weakening in percentage terms since Jan. 9, 2017.
China’s yuan closed at a more than six-month low in onshore trade on Tuesday due to growing concerns over an escalating tariff war between the United States and China, as well as other major economies.
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Source: Brecorder
