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Central bank sets yuan/USD at 6.7858

CCTV.com

10-28-2016 14:51 BJT

China's central bank sets the yuan U.S. dollar rate at 6.7858 on Friday. The fix is 122 basis points lower than the previous setting, refreshing the currency's lowest level in six years.

The move came after the U.S. dollar index rose on a strong rebound in the overnight bond yield. The yuan has lost about 1.5 percent against the dollar since the beginning of October.

Markets expect the yuan to drop to near the 6.80 level. The dollar index has climbed about 3 percent this month on increasing odds that the U.S. Federal Reserve will raise interest rates before the end of the year.

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