BEIJING (Sputnik) — The Chinese central bank on Monday weakened the parity rate of the yuan against the US dollar by 0.3 percent, the largest reduction since the end of March.
On Monday, the People's Bank of China set the yuan exchange rate at 6.5120 per dollar, 222 points above Friday's rate.
China's yuan has lost more than 1.5 percent of its value against the US dollar since the start of 2016. The yuan's January devaluation by the the People’s Bank of China was the largest since August 2015, when the currency shed over 3 percent of its value against the dollar, triggering a stock market slump around the world.
