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Khan
@manzoorkhan
THE PEOPLE'S BANK OF CHINA SETS THE YUAN EXCHANGE RATE AT 7.1894 TO THE DOLLAR, CHANGING ITS APPROACH TO THE CURRENCY AMID THE DOLLAR'S DECLINE The People's Bank of China decided on Wednesday morning to set the dollar-yuan exchange rate at 7.1894 yuan per dollar. The Reuters survey forecast for the pair was 7.1996, and the previous closing price was 7.1955 yuan per dollar. The continued decline of the dollar has prompted the Chinese central bank to change its approach to managing its currency, shifting from supporting the yuan to being cautious about the risks of rapid appreciation. The People's Bank of China set the yuan's daily rate slightly weaker than market expectations this week, after having been higher for most of the past six months. The People's Bank of China is also set to halt banknote sales in Hong Kong for the third consecutive month.
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