Yuan/dollar exchange rate fell to its lowest level since December 2008

Almaty. November 15. Silkroadnews – On Tuesday the People’s Bank of China (Central bank) lowered the local currency Renminbi (RMB) against the dollar by 0.3% to 6.8495 per dollar, TASS writes.

This mark is said to be the weakest since December 8, 2008.

On November 11 Yuan updated its six-year low against the dollar, falling to the lowest level since September 2010. Prior to the current rates China’s national currency exchange rate lowered for eight consecutive days.

The reform of the RMB exchange rate against dollar formation mechanism began in August of last year. Chinese regulator announced its decision “to optimize the calculation methodology” of exchange rate toward raising role of market forces with positive balance of China’s foreign trade, as well as the strong position of the yuan against the currencies of other countries.

The exchange rate fluctuations in relation to the official parity rate set by the People’s Bank must not exceed 2%.