Live updates: Markets today – CNN

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The yuan remained volatile on Tuesday after the People’s Bank of China fixed the currency at its weakest level in 11 years. The central bank’s cut to the yuan’s reference rate — a “band” it sets every day to curb how far up or down the yuan’s value can move — was also the deepest in more than a year.

The yuan’s daily reference rate Tuesday of roughly 6.97 to the US dollar is the currency’s lowest since May 2008, during the global financial crisis.

The central bank’s reference rate did not breach the critical 7-per-dollar level, which is closely watched by global traders.

But in mainland China on Tuesday, the yuan changes hands at about 7.06 to the dollar. Outside of China, where the yuan trades more freely, one dollar buys about 7.09 yuan.

“Today’s fixing is an even bigger depreciation move,” said Robert Carnell, chief economist and head of research in Asia Pacific at ING.

Washington labeled Beijing as a “currency manipulator” on Monday, marking a significant escalation of the ongoing trade war.

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