China weakens yuan to eight-year low

AFP, SHANGHAI: China yesterday weakened the yuan's fix against the dollar to a nearly eight-year low as the surging dollar put further pressure on the unit, complicating Beijing's efforts to manage it.
The central People's Bank of China set the value of the yuan -- also known as the renminbi -- at 6.8495 to the greenback, down 0.30 per cent from Monday's fixing, according to data from the Foreign Exchange Trade System.
The unit has reached a series of six-year lows in recent weeks in the face of a greenback rising on expectations of sharper US interest rate hikes, with President-elect Donald Trump pledging during his campaign to ramp up spending and cut taxes.
But Tuesday's fix was the weakest since December 2008, and beyond the roughly 6.83 level at which Beijing virtually pegged the unit for nine months in 2009-10, in the aftermath of the global financial crisis.

China weakens yuan to eight-year low

AFP, SHANGHAI: China yesterday weakened the yuans fix against the dollar to a nearly eight-year low as the surging dollar put further pressure on the unit, complicating Beijings efforts to manage it. The central Peoples Bank of China set the value of the yuan -- also known as the renminbi -- at 6.8495 to the greenback, down 0.30 per cent from Mondays fixing, according to data from the Foreign Exchange Trade System. The unit has reached a series of six-year lows in recent weeks in the face of a greenback rising on expectations of sharper US interest rate hikes, with President-elect Donald Trump pledging during his campaign to ramp up spending and cut taxes. But Tuesdays fix was the weakest since December 2008, and beyond the roughly 6.83 level at which Beijing virtually pegged the unit for nine months in 2009-10, in the aftermath of the global financial crisis.