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    A man walks past an advertisement promoting China's renminbi (RMB) or yuan, U.S. dollar and Euro exchange services at foreign exchange store in Hong Kong, China, August 13, 2015

    Chinese Markets Unchanged as PBC Raises Yuan Rate After 3-Day Decline

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    Chinese markets remained flat as the central bank increased the exchange rate of the yuan against the dollar following a major drop, the BBC reported Friday.

    MOSCOW (Sputnik) – Earlier in the week, the yuan was gradually devalued to 6.3982 per dollar from the Monday rate of 6.1162. On Thursday, the People's Bank of China (PBC) stated that there was no reason for a further devaluation.

    According to the BBC, the rates of two leading Chinese stock markets, the Shanghai Composite and Hong Kong’s Hang Seng, stayed unchanged after the central bank set a rate of 6.3975 yuan per dollar.

    However, Australian and Japanese shares, China's major trade partners, showed a small decline.

    The Chinese currency was stable at around 8.3 yuan per dollar until the summer of 2005 when it began to strengthen. Since June 2008, the yuan stood at 6.8 against the US dollar, and peaked in January 2014 at 6.0 yuan against the US dollar.

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