Chinese Central Bank Drops Yuan Exchange Rate to New 2018 Low

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BEIJING (Sputnik) – The People’s Bank of China weakened yuan exchange rate by another 0.6 percent to this year’s low, the regulator’s data showed on Wednesday.

Chinese central bank set the average yuan/dollar exchange rate at 6.5569, up 389 points from Tuesday, when the rate was set at 6.5180.

The central bank weakened yuan exchange rate for the sixth consecutive trading session.

 

Previously, Chinese central bank had set the rate at 6.5180, which was up 287 points from Monday, when the rate was 6.4893.

Weakening of the yuan is taking place amid a trade tensions between Washington and Beijing.

US President Donald Trump has repeatedly criticized China’s policy of yuan devaluation. Devaluation of national currency allows Chinese companies to boost yuan-denominated export revenues.

 

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