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Yuan tumbles to 5-yr-low on stronger dollar


06-28-2016 00:46 BJT

The Chinese yuan weakened against the dollar by almost one percent to a five-and-half-year-low on Monday. That was the yuan's biggest downward move since August as the dollar surged after Britain's vote to leave the European Union.

The People's Bank of China set the official mid-point rate at 6.6375 to the dollar, down 0.9 percent from Friday's rate. It was the largest fall since August in a surprise move by the PBOC to lower the yuan's value nearly five percent over a week. The fix was lowered to reflect the market value of the yuan relative to the dollar, after the greenback surged Friday on the Brexit vote.

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