Reported 8 months ago
China's People's Bank of China (PBOC) has given a notable boost to the yuan to manage its decline, with the central bank setting a daily reference rate for the currency at 7.1196 per dollar. Chinese state-owned banks have also increased support for the currency, selling dollars in the onshore market as the yuan approached 7.2605. The yuan's recent fall, close to its weakest point since November, has been influenced by the dollar's strength and concerns about China's economic outlook, prompting the PBOC to take actions to stabilize the currency and prevent excessive weakening.
Source: YAHOO