China weakens yuan to eight-year low
China today weakened the yuan's fix against the dollar to a nearly eight-year low as the surging dollar put further pressure on the unit. The central People's Bank of China set the value of the yuan -- also known as the renminbi -- at 6.8495 to the greenback, down 0.30 per cent from Monday's fixing, according to data from the Foreign Exchange Trade System.
The unit has reached a series of six-year lows in recent weeks in the face of a greenback rising on expectations of sharper US interest rate hikes, with President-elect Donald Trump pledging during his campaign to ramp up spending and cut taxes.
China today weakened the yuan's fix against the dollar to a nearly eight-year low as the surging dollar put further pressure on the unit. The central People's Bank of China set the value of the yuan -- also known as the renminbi -- at 6.8495 to the greenback, down 0.30 per cent from Monday's fixing, according to data from the Foreign Exchange Trade System. 
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