Offshore Yuan Drops as PBOC Cuts Fixing for First Time This Week
- Onshore yuan's volatility falls for first time in nine days
- GDP to keep increasing 6%-7% a year: PBOC deputy governor
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The yuan traded in Hong Kong fell to a one-month low as China’s central bank cut its daily fixing for the first time this week, spurring speculation it will allow the currency to drop in coming days.
The offshore yuan, which trades freely, lost 0.19 percent to 6.4036 a dollar as of 4:41 p.m. in Hong Kong, according to data compiled by Bloomberg. That’s the lowest level since Sept. 28. The People’s Bank of China weakened the reference rate by 0.07 percent to 6.3536 after raising it by 0.09 percent on Tuesday and 0.07 percent on Monday.