The Chinese yuan fell today, demonstrating the biggest drop since March, as the nation’s central bank set the daily fixing lowest since September due to concerns about slowing economic growth.
Peopleâs Bank of China Governor Zhou Xiaochuan said this week that the Chinese economy is in a rare and complicated situation. Economic data gave evidences of slowing growth momentum as industrial profits increased 9.6 percent in April, compared to 10.7 percent in March. This fueled speculations that the PBoC will loosen its monetary policy.
USD/CNY went up from 6.2475 to 6.2557 as of 11:58 GMT today, reaching the high of 6.2623 intraday.
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