Yuan Depreciates After Central Bank Lowered Reference Rate

The Chinese yuan declined today after the US currency rallied and the central bank lowered the reference rate; the increasing exports and the resulting trade surplus weren’t able to support the currency.
The exports grew 38.1 percent from the previous year to $145.5 billion, following the 43.9 percent increase in June. The trade surplus was $28.7 billion. The People’s Bank of China set the daily fixing at 6.7745 per dollar after the dollar advanced against 15 of 16 most traded currencies.
USD/CNY rose from 6.7684 to 6.7730 today as of 11:14 GMT.

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