PBoC lets yuan slide to lowest level since 2007

The People’s Bank of China
The People's Bank of China

The yuan fell to its weakest level against the dollar since 2007 today (October 25), after China’s central bank set the daily currency fixing at a 14-year low.

The onshore yuan weakened by nearly 0.6% to 7.31 per dollar, the lowest since December 2007. The slide came after the People’s Bank of China lowered the midpoint of the currency’s trading band to 7.1668. This was 0.6% down from its fixing the day before and the lowest since the global financial crisis.

The yuan’s slide came in the wake

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