Yuan extends weekly decline as PBOC weakens fixing to 2011 low

[SHANGHAI] The offshore yuan extended a weekly decline after China's central bank weakened the currency's daily reference rate to the lowest level since Feb 2011.

The fixing was cut by 0.45 per cent to 6.5784 per US dollar after the greenback strengthened. The US currency is poised for the biggest monthly gain since September 2014 as Federal Reserve Chair Janet Yellen said on Friday higher interest rates in the coming months look "appropriate," joining regional Fed presidents in signaling a hike may come as soon as next month.

The yuan trading in Hong Kong slipped 0.16 per cent to 6.5866 as of 9:32 am, its lowest level since Feb 3 and extending four weeks of losses in a row.

BLOOMBERG