China’s Central Bank Sets Yuan-Dollar Rate at 6.5419

The People’s Bank of China (PBC) fixed the yuan exchange rate at 6.5419 against the dollar on Thursday, marking a sharp 0.16 percent drop from the prior level and the strongest fix since January 6.

BEIJING (Sputnik) – According to the China Foreign Exchange Trade System, yuan stood at 6.5521 against the dollar on Wednesday.

China's currency has lost more than 1.5 percent against the US dollar since the start of 2016.

The yuan's January devaluation by PBC has been the largest since August 2015, when the currency lost over three percent against the dollar, triggering a stock market slump around the world.

Decelerating growth rates have plagued the Chinese economy alongside turbulent stock markets and a falling currency. China's economy grew 6.9 percent in 2015, down from 7.3 percent in 2014, amounting to the lowest annual GDP increase in 25 years.