Yuan sees biggest daily fall in 2 months
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SHANGHAI - The People's Bank of China set its official midpoint rate at 6.5314 per dollar prior to the market open on Wednesday, its weakest level since April 2011.
The central bank also fixed the official guidance rate 0.22percent lower than Tuesday's fix of 6.5169, its biggest daily fall since Nov. 3.
Beijing has said it is moving towards valuing the yuan's exchange rate on a trade-weighted basis, loosening the Chinese currency's peg to the greenback.
As such, the PBOC appears to have largely tolerated the yuan's weakening against the dollar since late November when the International Monetary Fund announced its admission of the currency into its benchmark Special Drawing Rights basket.
- Reuters
