PBOC sets daily yuan fixing at weakest level in six weeks
Chinese central bank unveils daily yuan fix at 6.5273 per US dollar
China’s central bank weakened the yuan by the largest margin in six weeks on Tuesday morning, after the US dollar strengthen on Monday, helped by the British pound’s decline amid heightened “Brexit” concerns.
The People’s Bank of China set the daily fixing at 6.5273 against the US dollar on Tuesday morning, 108 points or 0.17 per cent weaker from its previous daily fixing. The onshore yuan closed at 6.5195 against the US dollar by 4.30pm, Monday.
In the onshore market in Shanghai, the yuan was trading at 6.5286 per US dollar at 10.22am Tuesday, while the offshore yuan fel to 6.5349 against the US dollar.
The US dollar rose against most major currencies Monday, after London Mayor Boris Johnson came out in favour of a Brexit, referring to a campaign for British exit from the Europe Union.