Chinese Yuan Continues to Decrease Against US Dollar
The Chinese yuan continues to decline against the US dollar, and is trading at the lowest level since the end of May. The People's Bank of China set an average rate at 6.8096 per dollar. In the spot market, the yuan opened at 6.8214 per dollar.
In late May, the China's central bank said it was considering the possibility of introducing a counter-cyclical factor in calculating the daily fixation of the yuan. According to analysts, such action of the People's Bank of China was made in order to give the authorities more opportunities to set the exchange rate, regardless of market conditions.