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China’s central bank devalues yuan again

August 12, 2015, 8:31 UTC+3 BEIJING
The move comes following the publication of statistic data for July
1 pages in this article
© AP Photo/Vincent Yu

BEIJING, August 12. /TASS/. China’s central bank on Wednesday devalued the national currency, the yuan, by 1.62% to 6.33 per dollar, the lowest rate since September 2012.

The move comes following the publication of statistic data for July. The People's Bank of China said there are no economic or financial preconditions for the continuous depreciation of the yuan against the dollar.

On Tuesday, the People’s Bank of China changed its way of calculation of the yuan-dollar exchange rate.The yuan rate was lowered by 1.9% to 6.2 per dollar, a record high drop in the last 20 years.

The regulator said that the decision to optimize the calculation method was made considering the positive balance of China’s foreign trade and the strong position of the yuan against the currencies of other countries.

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