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[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.