Yuan falls to one-month low after PBoC rate cuts

Divergence between onshore and offshore renminbi grows

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Hong Kong

The offshore renminbi fell to its lowest level against the dollar a month after the People's Bank of China (PBoC) lowered the daily onshore yuan fix for the first time since cutting interest rates and its reserve requirement ratios (RRR) on October 23.

The offshore currency rate dropped below 6.40, signalling investor wariness as the central bank set the yuan fix at 6.3536 against the dollar – a 0.07% cut on the previous day.

The offshore renminbi trades freely, but tends to mirror developments

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