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China’s Central Bank Hits Milestone as Yuan ‘Breaks 7’

2019年08月08日 20:32 来源于 财新网
PBOC weakens daily reference rate beyond 7 yuan per U.S. dollar for the first time since 2008 after currency sinks in onshore and offshore trading
The yuan has dropped 2.3% against the dollar so far in August, although it recovered slightly on Thursday to close at 7.0443. Photo: IC Photo

China’s central bank set the yuan’s daily reference rate at 7.0039 to the U.S. dollar on Thursday, the first time it has set the midpoint (link in Chinese) weaker than the key psychological threshold of 7 yuan since the global financial crisis in 2008. The move could exacerbate trade tensions with the U.S., which on Monday branded China a currency manipulator.

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