China's yuan set for largest single-day loss since 2008

[SHANGHAI] China's yuan slid dramatically against the dollar on Tuesday, changing hands at 6.2059 per dollar by midday, heading for the largest single-day drop in the currency's relative value since 2008.

Spot yuan slid more than half a percent in morning trade, accelerating a sliding trend that began when China's central bank surprised markets by cutting interest rates, seen as bearish for the yuan going forward.

The yuan's slide began intensifying on Monday, when it lost 0.37 per cent by market close.

REUTERS