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Chinese central bank fixes yuan at lowest in 11 years

by ChemOrbis Editorial Team -
  • 06/08/2019 (10:09)
The People’s Bank of China (PBoC), the central bank of the country, set the yuan fixing at a stronger rate on Tuesday after the Chinese currency dropped to its weakest level against the US dollar in more than a decade and sparked a global sell-off in financial markets on Monday.

The PBoC fixed the yuan’s exchange rate for $1 at 6.5784 yuan, which is the lowest level since May 2008.

The central bank’s action followed the US President Trump’s allegations that China is deliberately manipulating its exchange rate to give Chinese exporters an advantage amid in the latest round of tariffs.

In a statement released on Tuesday, the Governor of PBoC denied allegations of currency manipulation and stated that China would remain committed to the market-based exchange rate regime and refrain from competitive devaluations.

In another statement released on the same day, the PBoC also announced that they will issue 30 billion yuan ($4.26 billion) in Hong Kong on August 14, in a move to manage liquidity and stabilize the currency’s value.

The onshore yuan currently trades at 7.03 against the greenback.
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