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China's currency stabilises after 3-day slide

Yuan effectively devalued by 4.4% based on official rate - steepest drop since 1994

Published Fri, Aug 14, 2015 · 09:50 PM

Hong Kong

CHINA'S currency, the renminbi, stabilised on Friday, ending a three-day plunge that shook markets globally and caused the renminbi's steepest devaluation in decades.

For the first time since Tuesday, the country's central bank - People's Bank of China (PBOC) - set the official exchange rate of the renminbi higher - although only slightly - against the dollar.