The Central Bank of China lowered the yuan exchange rate against the dollar to 6.41, updating at least four years


BEIJING, 9 December. /Corr. Roman Balandin/. The people’s Bank of China (the Central Bank) lowered the rate of the national currency of China Renminbi (the official name of the yuan) to the dollar to 6,4140 per unit. This is the lowest figure since August 2011.

On August 11, people’s Bank of China announced its decision “to optimize the calculation of the” exchange rate taking into account the positive balance in foreign trade of the PRC, as well as strong positions of the yuan relative to the currencies of other countries. After that, the yuan within three days was devalued against the dollar in the amount by 4.6% to 6,40 per unit, but thereafter its rate did not decrease below 6,4085.

On November 30 the Board of Directors of the International monetary Fund decided to include the yuan in the basket of reserve currencies this financial institution (special drawing rights, Special Drawing Rights – SDR), which will enter into force on 1 October 2016.