China Lowers Yuan Fix By Most In 8 Months: Reports

By Victor Reklaitis Markets MarketWatch Pulse

The People's Bank of China on Wednesday set the yuan's daily reference rate at 6.4943 to the dollar, weakening the currency by about 0.6%, according to multiple published reports. The cut by China's central bank was the biggest downward move since it devalued the currency in August and rattled markets worldwide, an AFP report said.

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