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

Cotton production and exports in West Africa. Courtesy: FAS/USDA

Textiles | On 23rd Oct 2018

Record cotton production to drive West Africa exports

Cotton exports from West Africa for 2018-19 are projected to surpass...

Courtesy: Prudence Earl on Unsplash

Textiles | On 23rd Oct 2018

Sri Lanka's textile exports up 4.7% in Jan-July '18

Sri Lanka’s earnings from textiles and garments exports increased by...

Courtesy: Jens Mahnke from Pexels

Textiles | On 22nd Oct 2018

India levies anti-dumping duty on flax yarn from China

The ministry of finance, Government of India, has imposed definitive...

Interviews View All

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Top executives, Textile industry, India

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Ashish M Amin,

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Italtex,

Italtex

Italtex is a leading studio publishing fabric trend-books since 1959....

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

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

Leave your Comments


October 2018

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

news category


Related Categories:

Advanced Search