China has set Monday, the yuan central rate to its lowest level since five and a half years against the dollar. A 6.6375 yuan to one dollar, the Chinese currency recorded a depreciation of 0.91% on Friday, according to figures from the China Foreign Exchange Trade System.
This is the highest daily decrease since August 2015, when China had shaken financial markets worldwide brutally devaluing the yuan by about 5% in a week against the dollar , shaking global investors. The level of the rate was lower on Monday since 23 December 2010.
Beijing allows a daily variation of the yuan to a maximum of 2% upwards or downwards relative to greenback, ensuring control over its currency.
emergency plan in case of Brexit
dollar jumped Friday after the historic decision of the British to leave the European Union (EU), a vote that has panicked international markets as investors fear of possible consequences for the global economy.
The PBOC had announced that China had prepared an emergency plan in case of Brexit and would continue to improve the exchange rate system of the yuan to keep the renminbi “basically stable.”
“There will be more volatility,” Khoon Goh predicted however, strategist at ANZ in Singapore, Bloomberg News before the announcement of the reference rate.
AFP
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