China devalues yuan amid economic slowdown
13:32, 11 August 2015
BEIJING. KAZINFORM - China on Tuesday devalued the yuan, setting its daily reference rate nearly 2 percent weaker against the U.S. dollar from the previous day, at a time when sluggish exports continue to be a drag on the world's second-largest economy.
China's central bank said the yuan is too strong against the dollar and other major currencies and the change is aimed at better reflecting the market situation. "It is necessary to further improve the yuan's midpoint pricing to make it more consistent with the needs of market developments," the People's Bank of China said in a statement. The central bank said the depreciation is a one-time adjustment. On Tuesday, the central bank set the midpoint of the yuan to 6.2298 per dollar, compared with Monday's 6.1162. China strictly controls trading of the yuan and restricts the currency to move 2 percent above or below a midpoint rate it fixes every morning. Source: Kyodo