Yuan Weakens to Lowest Since November as China Allows Declines [Yahoo! Finance Canada]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- China's onshore yuan dropped to the weakest level since November as signs mount that policymakers are slowly letting the currency decline against a resilient dollar. Most Read from Bloomberg The yuan fell to as low as 7.2487 per dollar as the People's Bank of China gradually cut its daily reference rate for the managed currency to a level unseen in four months. The move came as a gauge of the greenback edged higher for a second day on bets the Federal Reserve is still not close to kicking off its rate-cut cycle. ADVERTISEMENT The PBOC has been facing a constant battle to find the optimal pace of yuan weakness that's conducive for growth, without triggering market panic or capital outflows. For most of the year, the central bank has kept the currency steady but pressures have been building due to worsening capital outflows and lackluster domestic growth. “The PBOC may allow further yuan depreciation,” said Ken Cheung, chief Asian FX strategist at Mizuho Bank.
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