China: Yuan has biggest drop since August and highest parity rate since 2005

China: Yuan has biggest drop since August and highest parity rate since 2005

The yuan closed down 0.46% on Monday, marking the biggest one-day retraction against the dollar since Chinese authorities devalued the currency in August.The dollar ...

The yuan closed down 0.46% on Monday, marking the biggest one-day retraction against the dollar since Chinese authorities devalued the currency in August.The dollar advanced to 6.3379 yuan, compared with Friday's 6.3175 yuan closing.The yuan retreated even though the central government guided the local currency upwards through the daily reference rate.The People's Bank of China (PBoC) set the central parity rate at 6.3154 yuan per dollar, compared to 6.3495 yuan in the previous session.This is 0.54% higher than Friday's daily reference rate, reaching the highest parity rate since 2005. Source: Dow Jones Newswires. {loadmod...


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