CHINA WEAKENS YUAN RATE FOR SIXTH STRAIGHT DAY

The Sun (Malaysia) - - SUNBIZ -

SHANG­HAI: China weak­ened the yuan’s ref­er­ence rate against the dol­lar for the sixth straight trad­ing day yes­ter­day, the long­est se­quence in nine months, af­ter ex­pec­ta­tions of a US in­ter­est rate hike put up­ward pres­sure on the dol­lar. A se­ries of pos­i­tive read­ings on the US econ­omy, and in­creas­ingly up­beat state­ments from Fed chief Janet Yellen, have fanned spec­u­la­tion the cen­tral bank will lift bor­row­ing costs by the end of the year. This has sent the dol­lar ral­ly­ing against most of its peers, in­clud­ing the yuan. Yes­ter­day the Peo­ple’s Bank of China set the unit’s cen­tral rate against the green­back at 6.7258, a new six-year low af­ter it passed the 6.7 mark on Mon­day. – AFP

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