PBoC sets yuan fix at lowest level in 14 years

Beijing | The yuan tumbled to its weakest point since 2007 after the People’s Bank of China loosened its grip on its tightly-controlled currency fixing by setting the rate at a 14-year low.

The currency traded in Shanghai slumped as much as 0.6 per cent to 7.3084 per dollar as it inched close to the weak end of its 2 per cent trading band around the PBoC’s fixing. The yuan also fell to the lowest in more than a year against a basket of its trading partners’ currencies, a Bloomberg gauge shows.

Bloomberg