China cut the value of the yuan against the dollar for a second consecutive day Wednesday Aug 12,2015, trimming the reference rate by 1.62 percent and sending a new shockwave through financial markets.
Wednesday`s fix was even lower than Tuesday`s close of 6.3232 yuan to the dollar.
The daily fix that sets the value of the Chinese currency against the greenback was lowered to 6.3306 yuan, from 6.2298 the previous day, the People`s Bank of China (PBoC) said in a statement on its website.
But the bank played down expectations it would continue to depreciate the currency, after it devalued the yuan by nearly two percent on Tuesday Aug 11,2015
Note
The devaluation on Tuesday Aug 11,2015 was the biggest since 2005 when China unpegged the yuan, also known as the renminbi (RMB) from the dollar
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