The yuan reference rate weaker than 7 to USD after 11 years

The People's Bank of China set its daily reference rate at 7.0039 yuan per dollar, which is considered a signal for an important policy Beijing made.

The central bank has set weaker daily reference rates for six consecutive trading days since the first day of August amid an escalating trade dispute with the US. Analysts said it will be a bad signal if the yuan continues to weaken. Earlier, the Chinese authorities had vowed to keep the exchange rate stable, triggering a slight gain of the yuan value.

Source: VOV5