iBankCoin
Joined Nov 11, 2007
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The Chines Yuan Continues to Crater, Largest Drop Since 2005

“The Chinese yuan fell 0.9% to a 10-month low of 6.1808 per dollar in Shanghai, the most on record going back to 2007, report Fion Li and Kyoungwha Kim at Bloomberg News.

This is the largest drop since the revaluation in 2005, reports Fiona Law at The Wall Street Journal.

The People’s Bank of China (PBoC) fixed the yuan at 6.1214 per dollar, according to the China Foreign Exchange Trading System.

This reference rate was stronger than the fix on Thursday. But the yuan continued to weaken.

After rising 3% against the U.S. dollar in 2013, the onshore yuan (CNY) weakened against the greenback last week. The offshore yuan (CNH) has also  weakened….”

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