Yuan hits 5-year low
The Chinese major currency tumbled to its most impressive minimum for up to five years against the evergreen buck at Wednesday’s open, right after the country‘s major bank officially set a midpoint at the lowest value since January 2011.
The Chinese Yuan achieved an intraday minimum of 6.6047 per greenback during early trade against Tuesday's outcome of 6.5966.
On Wednesday’s the PBOC, China’s major bank set its Yuan/greenback midpoint rate at 6.6001 before the market opening after the Yuan had slumped during Tuesday’s late trade.
On Tuesday, MSCI, US index provider refused to add domestic Chinese shares to one of its major benchmarks, thus concluding that China had more work to do in liberalizing capital markets as well as delivering a blow to the country’s policymakers in the hope of broadening the appeal of their currency.
Wednesday's midpoint lost 0.32% from last day’s fix of 6.5791 per greenback, but it wasn't far off the overnight spot Yuan close at 6.5966, that had partially factored in the MSCI verdict.