The yuan sank to a five-year low after China's central bank, People's Bank of China (PBOC), signaled it's tolerance of a depreciating currency as intervention costs rise and economic growth slows.
The PBOC set the yuan's daily reference rate at the lowest level since April 2011, weaker than Tuesday's onshore closing level. The currency tumbled 1.1 percent in Hong Kong's freely traded market -- the most since the day after a surprise devaluation in August -- and lost 0.6 percent in Shanghai as both exchange rates slumped to their weakest levels since at least March 2011. The gap between the two widened to a record
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Yuan sinks in a surprise PBOC move
By IndianMandarins - 2016-01-06 21:32:16
The yuan sank to a five-year low after China's central bank, People's Bank of China (PBOC), signaled it's tolerance of a depreciating currency as intervention costs rise and economic growth slows.
The PBOC set the yuan's daily reference rate at the lowest level since April 2011, weaker than Tuesday's onshore closing level. The currency tumbled 1.1 percent in Hong Kong's freely traded market -- the most since the day after a surprise devaluation in August -- and lost 0.6 percent in Shanghai as both exchange rates slumped to their weakest levels since at least March 2011. The gap between the two widened to a record
