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China weakens yuan for third day.

TOKYO, Aug 13 (KUNA) -- The People's Bank of China, the country's central bank, weakened the Chinese yuan (renminbi) against the US dollar for a third consecutive day on Thursday. The central bank set a central parity rate, an official reference for daily trading, at CNY 6.4010 per dollar, 1.1 percent lower than Wednesday's official rate of CNY 6.3306, according to the China Foreign Exchange Trading System. It is first time since August 2011 that the midpoint reference rate hit the 6.4 range. The central bank fixes the central parity rate every morning and allows the currency to rise or fall up to 2.0 percent from the rate. The move comes after Tuesday's unexpected rate cut of 1.8 percent and another 1.6 percent devaluation on Wednesday. "As China is maintaining a relatively large trade surplus, yuan's real effective exchange rate is relatively strong. Therefore, it is a good time to improve quotation of the yuan central parity to make it more consistent with the needs of market development," the central bank said Tuesday. (end) mk.rk

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Publication:Kuwait News Agency (KUNA)
Date:Aug 13, 2015
Words:196
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