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People’s Bank of China (PBoC), the Chinese central bank that sets that yuan trading central point every day before trading opens has set it at the weakest level since 2009. The yuan is currently allowed to trade within a percent band from the central mid-point against the dollar. In August 2015, PBoC shocked the world with surprise and forced devaluation of the yuan. The yuan has continued on a stable weaker path since then.
In recent weeks, the yuan has weakened steadily against the dollar, yet the trade balance remains under pressure and exports remain weak. The last time, PBoC set the band stronger was November 3rd and since then the yuan has weakened by 1.19 percent. Today, the PBoC has set the central parity at 6.8292 per dollar, which is the weakest level since September 2009. This year alone the yuan has weakened against the dollar by more than 5 percent and more than 7 percent in last 12 months. Since PBoC weakened the value of the yuan in August last year, the exchange rate has weakened almost 10 years.
