scorecardresearchChina’s Yuan Drops as PBOC Sets Fix at Weakest Level in 14 Years

China’s Yuan Drops as PBOC Sets Fix at Weakest Level in 14 Years

Updated: 25 Oct 2022, 09:16 AM IST
TL;DR.
The yuan tumbled to the weakest since 2007 after the People’s Bank of China loosened its grip on its tightly-controlled currency fixing by setting the rate at a 14-year low.
A pedestrian at a park in Beijing, China, on Monday, Oct. 24, 2022. China's yuan weakened and the country�s stocks tumbled in Hong Kong to the lowest level since the depths of the 2008 global financial crisis, a stark rebuke of President Xi Jinping's move to stack his leadership ranks with loyalists. Source: Bloomberg

A pedestrian at a park in Beijing, China, on Monday, Oct. 24, 2022. China's yuan weakened and the country�s stocks tumbled in Hong Kong to the lowest level since the depths of the 2008 global financial crisis, a stark rebuke of President Xi Jinping's move to stack his leadership ranks with loyalists. Source: Bloomberg