China weakens official Yuan rate to 5.5-year low

TOKYO, June 15 (KUNA) — China’s central bank on Wednesday weakened the mid-point rate for the Chinese Yuan (renminbi) against the US Dollar at the lowest level in five and half years.
The People’s Bank of China set the central parity rate, an official reference for daily trading, at CNY 6.6001 per Dollar, down by 0.31 percent from Tuesday’s setting, according to the China Foreign Exchange Trading System. The rate was the weakest since January 12, 2011.
The slip comes ahead of a decision by the US Federal Reserve on interest rates later in the day. In China’s spot foreign exchange market, the central bank strictly controls trading of the Yuan. It fixes the daily official rate every morning and allows the currency to rise or fall up to 2.0 percent from the rate. (end) mk.hb