People’s Bank of China has once again weakened the yuan to the dollar to the lowest since 2010

BEIJING, 11 Dec RIA Novosti, Ivan Bulatov. The people’s Bank of China on Friday weakened the yuan to the dollar by 0.34%, which again was the minimum rate of the Chinese currency against the dollar since 2010, according to the regulator.

On Friday the people’s Bank of China set the average exchange rate of the yuan to the dollar at around 6,8115, which is 230 points above the fixing on Thursday when the rate was 6,7885. The Renminbi since mid-October is at its lowest level since September 2010 and was updated earlier six-year low.

The Chinese currency is long enough remained stable at around 8.3 yuan per dollar until the summer of 2005 began to strengthen. In the autumn of 2008, the yuan around the year kept at the level of 6.8, and in September 2009 started to increase again. The peak occurred in January 2014 when 1 dollar was about 6 yuan.

In August 2015 the people’s Bank of China weakened sharply, the yuan to the dollar (from 3% from 6.20 to 6.40), a shock to world stock markets. Later, the Chinese Central Bank focused on the stabilization of the yuan. After this happened three more waves to the weakening of the Chinese currency: in the winter of 2015/2016 (to 6.55), in July 2016 (to 6.67), and the third began in October.

After the first wave the experts argued that the Central Bank deliberately devalue the yuan to stimulate exports. Premier Li Keqiang, Governor Zhou Xiaochuan and other officials denied these statements.