Renminbi ‘fix' lowered as stock market nosedives
Central bank lowers renminbi midpoint value by most since devaluation
China's central bank today (August 25) lowered its daily currency ‘fix' by the biggest margin since devaluing the renminbi two weeks ago after the country's major stock markets tumbled for a second consecutive day.
The People's Bank of China (PBoC) lowered the midpoint value around which the renminbi is allowed to fluctuate by 0.2% from the previous day to 6.398 against the US dollar.
Under the new exchange rate regime, the central bank still sets the daily fix, but the decision is informed by
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