Yuan’s fixing is lowered 1.9% Tuesday
by Lingling Wei, Market Watch:
BEIJING — China’s central bank moved to devalue its tightly controlled currency Tuesday as the world’s second-largest economy continues to sputter.
In an apparent effort to blunt criticism over China’s exchange-rate policy, the People’s Bank of China took the step with an eye toward making the yuan’s value more market-based: the midpoint, or fixing, will now be based on how the yuan closes in the previous trading session. Until now, the fixing had been entirely determined by the central bank itself.
As a result, the yuan’s fixing was lowered 1.9% Tuesday from the previous day.
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