The Chinese yuan weakened today as the People’s Bank of China lowered its reference rate, forcing the exchange rate down. Analysts remain bullish on the currency in the long term.
The PBoC set the daily fixing 0.09 percent lower at 6.2072 per dollar today. The yuan is allowed to trade at the range of 1 percent in either direction of the fixing. Experts maintained positive outlook for the currency amid speculations about financial reforms and widening of the trading range for the yuan.
USD/CNY went up from 6.1465 to 6.1515 as of 13:43 GMT today.
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