The Renminbi fell below 6.5 per dollar


BEIJING, January 4. /Corr. Oleg Trutnev/. The people’s Bank of China (the Central Bank) lowered the rate of the national currency Renminbi (the official name of the yuan) to the dollar by 96 basis points to 6,5032 per unit. This new minimum level since may 2011.

The Renminbi began to depreciate in August last year, when the Chinese Central Bank announced the decision “to optimize the method of calculation”, increasing the value of the market factors. Then the currency of the PRC was within three days devalued the dollar in the amount of 4.6% to 6.4 yuan per $1. Following this, the yuan strengthened and November 2, has reached three-year high in 6,3154 for $1, but then its rate again began to weaken. In December 2015, the Chinese currency has experienced a significant decline, which lasted 10 days in a row.

November 30 last year, the Board of Directors of the IMF decided to include from 1 October 2016 the yuan in its basket of special drawing rights (SDR), which includes the dollar, Euro, pound sterling and Japanese yen. Analysts indicate that this solution could also necessitate some weakening of the yuan, as the entry into the basket of reserve currencies will increase demand and cause growth rate.