In China, the reforms of the Central Bank, led to the largest reduction of the renminbi over the past 20 years

Almaty. August 11. Silkroadnews - In China, the reforms of the Central Bank have led to the largest reduction of the renminbi over the past 20 years, informed the newspaper China Daily.
"RMB exchange fell sharply in early trading on Tuesday after the central bank surprised the market with reforms that have laid the foundation for weakening the currency. The People's Bank of China lowered the daily base rate by 1.9%, thus marking the biggest drop of the renminbi, which occurred in a single day since China unified the exchange rate in January 1994", - said in a statement on Tuesday.
According to the bank, it was a one-off measure, and the bank intends to keep the yuan stable at a reasonable level, and improve the market mechanism of the yuan exchange rate.
As reported, the yuan fell to 6.2 per dollar.
According to the publication, the bank kept the yuan exchange rate to curb capital flight and promote the wider use of it in the world, as China intends to get the official status of a reserve currency in the International Monetary Fund.