Home / Knowledge / News / Textiles / China's central bank weakens yuan to 5-year low
China's central bank weakens yuan to 5-year low
27
Jun '16
The People's Bank of China (PBoC), the country's central bank, has weakened the currency by adjusting the most since last August. The bank has set the reference rate 0.91 per cent weaker at 6.6375 a dollar, a five-and-half-year low.

This is the largest fall since the PBoC devalued yuan by nearly five per cent over a week last year.

Post June 27, 2016 fix, the yuan is now at its lowest level since December 23, 2010.

The renminbi adjustment has come in the midst of dollar's surge due to global market turmoil following UK's vote to leave the 28-member EU. Both the British pound and the euro have tumbled post the UK referendum.

In recent months, PBoC has adopted a predictable policy and it only allows the yuan to rise or fall two per cent on either side of the daily fix.

Last week, PBoC governor Zhou Xiaochuan said that a more flexible yuan is vital for China's development and reforms, and hence, the monetary policy will be adjusted “in a dynamic way” to meet those goals.

Analysts expect the yuan to depreciate to 6.7 per dollar in the coming months, as non-dollar currencies continue to weaken following the June 24 referendum. (RKS)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X