(Source: The Central People's Government of the People's Republic of China) Yuan may stumble, but will not fall BEIJING - Chinese yuan extended its decline on Aug 12 but is unlikely to depreciate significantly as the central bank and stable fundamentals will not allow the currency to go into freefall. The spot rate fell about three percent to its lowest level since October 2012 when the central bank reformed the exchange rate formation system on Aug 11. The central parity rate fell 1.6 percent, to 6.3306 against the US dollar on Aug 12. In a latest statement released on Aug 12, the central bank said there was no reason for the yuan to depreciate further. A relatively robust economy, current...
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