Asia

Markets - FXMM - Asia

China weakens yuan-dollar rate below 6.9 mark SHANGHAI: China weakened the yuan's reference rate to beyond 6.9 to the dollar for the first time in more than eight years on Thursday as the surging greenback further pressures the carefully controlled unit.The People's Bank of China set the value of the yuan -- also known as the renminbi -- to 6.9085 to the dollar, down 0.26 percent from Wednesday's fixing, according to data from the Foreign Exchange Trade System. The dollar rose to 14-year peaks as markets expect the US Federal Reserve to hike interest rates next month.China only allows the yuan to rise or fall two percent on either side of the daily fix, one of the ways it maintains control over the currency.It weakened it for 12 consecutive sessions up to and including Monday, and Thursday's level was the lowest since June 2008."There are no fundamental reasons for CNY to do anything other than weaken," Michael ...
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