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China weakens yuan amid economic slowdown
http://www.dw.com/en/china-weakens-yuan-amid-economic-slowdown/a-18639771China's central bank has announced a significant decrease in the value of its tightly-controlled currency, the yuan. Beijing avoided using the term devaluation to describe the rate cut, which comes amid a trade slump.
China weakens yuan amid economic slowdown
11.08.2015
China's central bank announced Tuesday it was lowering the reference rate for the yuan against the US dollar.
The move comes amid slumping trade figures and is designed to make China's exchange rate regime more market-oriented, according to the bank.
The People's Bank of China (PBoC) said it was setting the so-called "central parity" for the yuan at 6.2298 to $1, compared to 6.1162 yuan the day before, a nearly 2-percent reduction that marked the yuan's biggest decline in a decade.
The announcement comes after July exports contracted by a margin of 8.3 percent, potentially due to a strong yuan that makes Chinese goods more expensive in overseas markets.