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The Chinese yuan's midpoint rate weakens to 6.7744 against USD

Reporter: Hong Lianhao 丨 CCTV.com

10-25-2016 14:53 BJT

The Chinese yuan weakened against the US dollar on Tuesday to a fresh six-year low. The central parity rate of the yuan slipped 54 basis points to 6.7744 against the US dollar.

In the offshore market, the yuan was traded down slightly 0.01 percent to around 6.7822 against the dollar. The yuan has depreciated 1.5 percent in October. But analysts say that was intended by the central bank because of a stronger dollar.

The analysts say that the depreciation will likely continue given the expectations of a US Fed rate hike in December.

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