PBoC sets daily RMB fix at four-year low

dollar-and-renminbi-rolls

China's central bank cut its daily renminbi ‘fix' to a four-year low today (August 27) – though the country's premier has insisted there is "no basis" for further depreciation of the currency.

The People's Bank of China (PBoC) set the midpoint value around which the renminbi is allowed to fluctuate by +/-2% against the US dollar at 6.41 today (August 27), the lowest level since 2011.

The PBoC changed the way it sets the currency fix in a surprise move on August 11 that prompted the renminbi to w

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