The yuan falls to a 16-month low
The yuan fell below 7.3 to the dollar in the local market after the People’s Bank of China (the central bank) aggressively defended this level throughout most of December.
The yuan fell in the local market to the lowest level in 16 months at 7.3289 to the dollar, while the Chinese currency fell in the foreign market by 0.06 percent to 7.3558 to the dollar.
The Australian and New Zealand dollars, which are usually used as indicators of the yuan’s performance, were not affected by the Chinese currency’s downward movement, as they both rose by about 0.2 percent in Asian trading. (Sky News)
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