Lavrov says he plays football once a week, goes rafting every yearSport March 29, 3:59
UK prime minister signs formal Brexit letter to Brussels — official photoWorld March 29, 1:26
Some 20 Topol-M, Yars mobile ICBM systems take part in massive Central Russian drillsMilitary & Defense March 28, 23:10
Russia clinches last-minute 3-3 draw with Belgium in friendly football match in SochiSport March 28, 21:40
Washington-based National Symphony Orchestra members excited to perform in RussiaSociety & Culture March 28, 21:36
'Gentlefan' continues: 'Angels' greet Belgium football fans ahead of Sochi gameSport March 28, 21:12
Scottish parliament backs new referendum on independenceWorld March 28, 20:42
Russian strategic missile carriers to take part in military drills in TajikistanMilitary & Defense March 28, 20:10
Russia’s offshore energy projects in the ArcticBusiness & Economy March 28, 19:33
BEIJING, December 31. /TASS/. China’s central bank, the People’s Bank, fixed the yuan against the US dollar at 6.4936 on Thursday, the lowest level since May 2011.
The yuan (official name renminbi) declined as much as 41 basis points against the US dollar.
China’s government and the central bank have earlier announced the need to maintain a stable yuan by keeping it at a "balanced level." The regulator continues however increasing the role of market factors in calculating the currency rate.
China’s central bank carried out the yuan’s biggest devaluation in the past 20 years over three consecutive days in August. The Chinese currency was devalued by a total of 4.6% to fall to 6.4 yuans to the US dollar. The yuan later strengthened and reached a three-year maximum of 6.3 yuans to the US dollar in November, but later started declining again.
On November 30, the board of directors of the International Monetary Fund (IMF) added the Chinese yuan to the foreign exchange reserve basket (Special Drawing Rights - SDR). The decision will come into force on October 1, 2016.
Analysts say the decision could also lead to the need to weaken the yuan as the inclusion into the foreign exchange reserve basket will increase the demand for the Chinese currency and result in a higher rate.