China sets yuan’s midpoint at weakest level since 2008

Must Read

Bitcoin Sees an Influx of Retail Interest with Investors Doubling Down on HODLing

After tumbling down to below $6,500 yet again, Bitcoin went back above $7,000 in...

Grayscale Reports Q1 2020 Quarter, Hedge Funds Buying Bitcoin Dips

The Q1 2020 was all about significant volatility after we started a new year...

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

China’s central bank set the daily midpoint for the yuan at its weakest level since 2008 early Thursday.

The People’s Bank of China set the yuan’s CNYUSD, +0.1930%   reference point at 7.0039 against one U.S. dollar, according to Dow Jones Newswires. The bank allows the yuan to fluctuate up to 2% higher or lower than that level.

Reuters reported it was the weakest midpoint since April 21, 2008, and also the first time since 2008 that the midpoint has been weaker than 7 per dollar. The yuan’s midpoint had been set at 6.9996 per dollar on Wednesday. Bitcoin news are still booming.

Still, Thursday’s move was not as weak as some had expected, heartening investors that China was not trying to start an all-out currency war. Asian markets and U.S. futures were largely unfazed by Thursday’s move.

A weakening of the yuan below the critical 7 level on Monday sent global markets tumbling amid fears it was the first step in a currency war. A weaker yuan makes China’s exports more inexpensive, harming foreign competition.

On Monday, the U.S. Treasury Department labeled China a currency manipulator for the first time since 1994.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

Its’ Finally Here A 100% Local Non-Custodial P2P Cryptocurrency Marketplace.

Finfreeotc is soon launching a one of a kind peer to peer cryptocurrency market place. Their marketplace is 100% non-custodial,...

WorldMarkets continues with the success of its trading artificial intelligence

Today we live in the information age, and access to information is unlimited. And that produces the paradox of misinformation. That's why...

MyTvchain.com Records Growth for The First Blockchain ​​Web Tv Platform Dedicated to Sport Clubs And Athletes

Sophia Antipolis (France) and Singapore: The first web TV platform dedicated to sports clubs and athletes opened in...

Crypto-Broker Instacoins Receives Operating License in Estonia

Instacoins Estonia OÜ, a cryptocurrency brokerage, is pleased to announce it has received an operating license from the Estonian Financial Intelligence Unit (FIU). The...