Renminbi ‘fix' lowered as stock market nosedives

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China's central bank today (August 25) lowered its daily currency ‘fix' by the biggest margin since devaluing the renminbi two weeks ago after the country's major stock markets tumbled for a second consecutive day.

The People's Bank of China (PBoC) lowered the midpoint value around which the renminbi is allowed to fluctuate by 0.2% from the previous day to 6.398 against the US dollar. 

Under the new exchange rate regime, the central bank still sets the daily fix, but the decision is informed by

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