China sets yuan’s midpoint at weakest level since 2008

Must Read

Opera-Backed Fintech OPay Seals $120M Investment to Grow Across Africa

Lagos-headquartered fintech Opay has sealed $120 million in a series B financing round from a host of...

Maker Launches New Dai Today, Expects to Phase-Out Old Dai in Months

Decentralized autonomous organization (DAO) Maker will launch a new type of Dai (DAI) stablecoin today. Known as...

Visa Works on Blockchain System For Large-Scale Private Data

International payment network Visa is working on a blockchain-based system for joint policy-compliant computation of large-scale private data.
- Advertisement -

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.

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

11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper

Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or...
- Advertisement -

ArBinance is Changing the Crypto Arbitrage Game with the Click of a Button

ArBinance is a professional arbitrage trading platform that aims to revolutionize cryptocurrency trading by allowing its users to conduct crypto arbitrage through...

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users SmartMixer.io is a new bitcoin mixing service especially geared toward...

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST Vienna-based fintech Bitpanda...

Bitpanda digitizes physical gold and silver

Vienna, 13 May 2019 – Vienna-based fintech Bitpanda launches gold and silver trading for its 1 million users. The new...