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China lowers yuan daily reference rate

by ChemOrbis Editorial Team -
  • 11/08/2015 (10:43)
China’s central bank cut the yuan’s reference rate by the largest amount in over 20 years, according to media reports. The bank lowered the yuan’s daily reference rate by 1.9%, the largest daily drop the currency recorded since China’s unification of official and market exchange rates in January 1994. The government reportedly stated that this was only a one-time adjustment and it is expected to help the market balance the reference rate itself. The central bank’s recent decision hinted at a possible shift towards a more market-based financial system in China.

Following the adjustment, the yuan declined 1.8% to 6.32 per dollar in Shanghai. In addition, the adjustment started to show its effects across markets as the yuan weakened against other currencies.
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