China’s Central Bank has set its rate for yuan to dollar to lowest since January

Beijing. June 22. Silkroadnews - On Friday the People’s Bank of China (China’s Central Bank) has lowered the RMB (the official name of the renminbi) exchange rate to the dollar by 98 basis points to the level of 6.4804 yuan per dollar, the lowest since January 12 this year, the Tajik Telegraph Agency (TajikTA) reports with reference to TASS.
The current weakening of the RMB exchange rate has been carried out for the third day in a row. On Thursday, the Central Bank lowered the RMB exchange rate by 120 basis points to 6.4706 yuan per dollar, and on Wednesday - by 351 points to 6.4586, which was the most significant one-day weakening of the national currency rate since February 9 this year.
According to the central bank authorities, in the first quarter of the year the yuan strengthened against the dollar by 3.9%, and in January alone the national currency added 3.2% in price.
At the end of 2015, the yuan was devalued to the dollar by 6%. In 2016, the RMB exchange rate against the US currency fell another 6.7% and updated several minimum values in eight and a half years. Following the results of 2017, the yuan strengthened against the dollar by 6.28%.