USD/CNY: Yuan books first weekly loss in more than a month

The yuan closed the final trading day in the red against the US currency, registering the first weekly loss in more than a month on the back of the recent series of yuan devaluation by the Chinese central bank this week, the first time since a run of reductions sparked a global stocks rout in early January. The PBOC lowered its reference rate by 0.23 percent over the course of this week.

As Bloomberg reports, “the currency fell 0.26 percent since Feb. 19 to 6.5371 a dollar in Shanghai, after a 0.85 percent advance last week that marked its biggest gain since March 2015, according to China Foreign Exchange Trade System prices. It declined 0.04 percent on Friday, while the offshore rate traded in Hong Kong lost 0.05 percent to 6.5387.”