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China’s yuan weakest since May 2011

December 31, 2015, 8:09 UTC+3 BEIJING
China’s central bank carried out the yuan’s biggest devaluation in the past 20 years over three consecutive days in August
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© AP Photo/Mark Schiefelbein

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.

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