June 17, 2019, 10:59

Central Bank of China Drops Yuan Exchange Rate to 5-Month Low

Central Bank of China Drops Yuan Exchange Rate to 5-Month Low

BEIJING (Sputnik) – The People’s Bank of China weakened yuan exchange rate by 0.44 percent to more than a five-month low, the regulator’s data showed on Tuesday.

Chinese central bank set the average yuan/dollar exchange rate at 6.5180, up 287 points from Monday, when the rate was 6.4893.

The central bank weakened the exchange rate of the national currency for the fifth trading session in a row.

Weakening of the yuan is taking place amid a trade war between Washington and Beijing.

US President Donald Trump has repeatedly criticized China’s policy to depreciate yuan. Depreciation of national currency allows Chinese companies to increase yuan-denominated export revenues.

Source: sputniknews.com

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