Saturday , November 26 2016
Home / News / World / China devalues yuan to its lowest rate against US dollar

China devalues yuan to its lowest rate against US dollar

yuan

London, Aug. 11 : In a period of almost three years China’s Central Bank has devalued the Yuan, its national currency, to its lowest rate against the US dollar.

According to the BBC, the move is being considered as a “one-off depreciation” of 1.9 percent with an aim to make the exchange rate more market-oriented.

It has come in the wake of a string of weak economic data from the world’s second largest economy.

The midpoint for the yuan is now set at 6.2298 to one dollar, up from 6.1162 yuan since yesterday. (ANI)