For some time now, Chinese authorities were trying to stabilize the yuan that has been under heavy selling recently. By the looks of it, they had some success as the currency was relatively stable today despite yet another crash of the nation’s stock market.
The People’s Bank of China increased the reference rate for the yuan versus the dollar to 6.5548 today from Monday’s 6.5557. This allowed the currency to be relatively stable today even though Chinese stocks sank yet again. The Shanghai Stock Exchange Composite Index plunged more than 6 percent during the Tuesday’s session.
USD/CNY traded at 6.5818 as of 13:46 GMT today after opening at 6.5795.
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