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Central Bank of China Drops Yuan Exchange Rate to 5-Month Low

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BEIJING (Sputnik) - The People's Bank of China weakened yuan exchange rate by 0.44 percent to more than a five-month low, the regulator's data showed on... 26.06.2018, Sputnik International

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Central Bank of China Drops Yuan Exchange Rate to 5-Month Low

04:30 GMT 26.06.2018 (Updated: 11:00 GMT 05.03.2023)

US 100 dollar banknotes and Chinese 100 yuan banknotes are seen in this picture illustration in Beijing, China, January 21, 2016. - Sputnik International

BEIJING (Sputnik) - The People's Bank of China weakened yuan exchange rate by 0.44 percent to more than a five-month low, the regulator's data showed on Tuesday.

Chinese central bank set the average yuan/dollar exchange rate at 6.5180, up 287 points from Monday, when the rate was 6.4893.

The central bank weakened the exchange rate of the national currency for the fifth trading session in a row.

In this photo provided Wednesday, March 28, 2018, by China's Xinhua News Agency, North Korean leader Kim Jong Un, left, and Chinese President Xi Jinping shake hands in Beijing, China. - Sputnik International

Asia

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7 May 2018, 19:27 GMT

Weakening of the yuan is taking place amid a trade war between Washington and Beijing.

US President Donald Trump has repeatedly criticized China's policy to depreciate yuan. Depreciation of national currency allows Chinese companies to increase yuan-denominated export revenues.