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China fixes yuan at more than five-year low against dollar

Section: Daily Dispatches

By Gregor Stuart Hunter
The Wall Street Journal
Monday, May 30, 2016

China's central bank set the daily yuan fixing at its weakest level against the dollar in more than five years on Monday, after hawkish comments from Federal Reserve Chairwoman Janet Yellen boosted the strength of the U.S. currency.

The People's Bank of China set its daily reference rate for the yuan at 6.5784, the weakest level since February 2011 and 0.45 percent lower than Friday's fixing point. Onshore, the yuan is allowed to trade 2 percent above and below the so-called fix.

The U.S. dollar index, which tracks the dollar's strength against a basket of six currencies, rose 0.4 percent to 95.888 in early Asian trading. The move follows Yellen's comments late Friday that it would be "appropriate" for the Fed to "gradually and cautiously" increase interest rates in the coming months. ...

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