Cen­tral bank steps up ren­minbi ‘stress test’

China Daily (Canada) - - BUSINESS -

The Peo­ple’s Bank of China, the cen­tral bank, cut the yuan’s ref­er­ence rate to the weak­est since 2011, fu­el­ing spec­u­la­tion that the au­thor­i­ties are try­ing to release pentup de­pre­ci­a­tion pres­sure be­fore an ex­pected in­crease in­United States in­ter­est rates. The PBOC re­duced the yuan’s fix­ing, which lim­its on­shore moves to 2 per­cent on ei­ther side, by 0.1 per­cent to 6.4140 a dol­lar, the weak­est since Au­gust 2011.

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