China weakens yuan fix by most since August devaluation

Shanghai

CHINA's central bank on Wednesday fixed the yuan nearly 0.60 per cent weaker against the US dollar, according to the national foreign exchange market, the biggest downward move since devaluing the unit in August last year.

The People's Bank of China set the value of the yuan - also known as the renminbi (RMB) - at 6.4943 to one US dollar, weakening 0.59 per cent from the fix of 6.4565 the previous day, according to data from the Foreign Exchange Trade System.