SHANGHAI : China's yuan touched a 28-month low against the dollar on Monday, only steps away from its downside trading limit, despite the central bank taking steps to rein in the currency's weakness.The People's Bank of China (PBOC) said it would raise the foreign exchange risk reserves for financial inst
SHANGHAI : China's yuan touched a 28-month low against the dollar on Monday, only steps away from its downside trading limit, despite the central bank taking steps to rein in the currency's weakness.
"This could stem further forward positions that have been negative for the yuan and slow its depreciation pace," analysts at Maybank said in a note. The official daily midpoint fixing limits the onshore yuan to trade in a narrow range of 2 per cent above or below, and Monday's guidance kept the range to between 6.8892 and 7.1704.
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