China further weakens yuan

Shanghai: China’s currency weakened further against the dollar as the central bank lowered the yuan’s daily reference rate again amid a deepening currency row between Beijing and Washington. The People’s Bank of China on Wednesday fixed the yuan’s central parity rate at 6.9996 per US dollar, weaker than the level set on Tuesday, when it hit an 11-year low. Both the onshore and offshore yuan slid in late morning trading on Wednesday reaching 7.0454 and 7.0796, respectively. — AFP