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PBOC sets yuan/dollar rate at 6.5889

CCTV.com

06-01-2016 14:54 BJT

The central parity rate of the Chinese yuan weakened 99 basis points to 6.5889 against the U.S. dollar Wednesday. The fix was the lowest since January 2011.

The offshore spot yuan was up by 0.17 percent to around 6.5977 against the dollar in the afternoon trading session. Analysts say the weakening of the yuan was mainly due to a strong dollar as US Fed chair Janet Yellen has hinted at a quicker pace in interest rate hikes.

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