You are here

China's yuan falls to more than two-year low after central bank rate cut

jamoney0203.jpg
China's yuan fell to its weakest level since October 2012 against the dollar after the People's Bank of China cut the benchmark interest rate during the weekend.

[HONG KONG] China's yuan fell to its weakest level since October 2012 against the dollar after the People's Bank of China cut the benchmark interest rate during the weekend.

China's central bank said on Saturday that it would cut the benchmark saving rate by 25 basis points to 2.5 per cent.

The spot yuan opened at 6.2730 per dollar, 34 pips weaker than the previous close and 1.98 per cent weaker than the midpoint.

REUTERS

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom