Arab Today, arab today china cuts yuan to over fouryear low vs dollar
Last Updated : GMT 21:21:24
Arab Today, arab today
Arab Today, arab today

China cuts yuan to over four-year low vs dollar

Arab Today, arab today

Arab Today, arab today China cuts yuan to over four-year low vs dollar

China's central bank on December 11, 2015
Shanghai - AFP

China's central bank on Friday cut the yuan's value against the greenback to its lowest in more than four years, only a week after the International Monetary Fund welcomed the unit into its elite reserve currency basket.

The People's Bank of China (PBoC) set the daily reference at 6.4358 yuan to $1.0, the lowest since August 5, 2011, the China Foreign Exchange Trade System showed.

The yuan fixing -- ahead of the US Federal Reserve's interest rate decision, which is widely expected to see a landmark rise -- also saw the normally stable currency down 0.8 percent in a week, its biggest seven-day drop since August.

Then, China devalued it by almost five percent in a week in what it said was a push to make it more market-oriented.

The IMF announcement last week was a symbolic marker in China's efforts to become a global economic power, and came despite Beijing keeping tight controls on the yuan, including only allowing it to move up or down two percent against the US dollar from the mid-rate set daily by the central bank.
Pressure on the yuan since the August move has prompted Beijing to sell dollars to support the currency, with its foreign exchange reserves falling to $3.44 trillion in November, their lowest level in nearly three years.

Analysts said this week's fall came because China has cut back on such moves.

"We haven't seen any decisive intervention this week and investors take that as the PBoC allowing a weaker currency," Tommy Xie, a Singapore-based economist at Oversea-Chinese Banking Corp, told Bloomberg News.

But he said the PBoC may resume buying after the US decision next week "as there'll be a better picture on the US interest rate outlook".

The PBoC took one more step to relax exchange controls on Friday, allowing Chinese companies registered in three more Free Trade Zones (FTZs) to freely convert up to $10 million annually in each direction.

China has set up the areas as testbeds for financial reforms, and the practice was first allowed in the Shanghai FTZ, in the country's commercial hub, in October.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china cuts yuan to over fouryear low vs dollar Arab Today, arab today china cuts yuan to over fouryear low vs dollar

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday