PBoC sets daily renminbi fix at four-year low
Two days after China's premier said currency at ‘equilibrium'
China's central bank cut its daily renminbi fix to a four-year low today (August 27), although its premier, Li Keqiang, has insisted there is "no basis" for further depreciation of the currency.
The People's Bank of China (PBoC) set the midpoint value around which the renminbi is allowed to fluctuate by +/–2% against the US dollar at 6.41, the lowest level since 2011.
The PBoC changed the way it sets the currency fix in a surprise move on August 11, causing the renminbi to weaken by almost 2%
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