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Currency China's yuan weakens below key 6.7 per dollar level for first time since 2010
by Cals Mon 18 Jul 2016, 22:11
- Currency
China's yuan weakens below key 6.7 per dollar level for first time since 2010
By Reuters / Reuters | July 18, 2016 : 5:17 PM MYTSHANGHAI (July 18): China's yuan weakened below the psychologically important 6.7 to the dollar level on Monday for the first time in more than five years.
The yuan was trading at 6.7003 to the dollar at 4:50 p.m. (0850 GMT), its weakest since November 2010. On Friday, it closed at 6.6883.
The yuan has now lost more then 3% of its value against the dollar so far this year.
Quoting policy sources, Reuters reported earlier this month that Beijing would tolerate a fall in the yuan to as low as 6.8 per dollar in 2016. That would translate into a yearly decline of 4.5%.
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