Markets

China's Yuan falls to more than two-year low after central bank rate cut

Published March 2, 2015 Updated March 2, 2015 07:06am

1 min

By Nasir Ahmed

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HONG KONG: China's Yuan fell to its weakest level since October 2012 against the dollar after the People's Bank of China cut the benchmark interest rate during the weekend.

China's central bank said on Saturday that it would cut the benchmark saving rate by 25 basis points to 2.5 percent.

The spot Yuan opened at 6.2730 per dollar, 34 pips weaker than the previous close and 1.98 percent weaker than the midpoint.

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