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China devalues yuan by most since January

by ChemOrbis Editorial Team - content@chemorbis.com
  • 15/04/2016 (17:14)
China’s central bank, the People’s Bank of China (PBOC), has devalued the yuan against the dollar by largest amount since January, lowering its rate by 0.46% to CNY6.4891 per dollar.

The dollar rose following a surge in China’s exports, which might be a signal of recovery in the country’s slowing economy.

China provided stimulus measures to support the currency and maintain liquidity. The PBOC injected CNY285.5 billion ($44 billion) worth of funds into the financial system by means of its medium-term lending facility (MLF) tool.
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