04:37 GMT31 July 2021
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    The People's Bank of China has weakened on Monday the rate of the yuan against the dollar by 0.87 percent.

    MOSCOW (Sputnik) — The yuan-dollar exchange rate set by the bank is some 594 points higher compared to Friday's data, when the yuan stood at 6,8668 against the dollar.

    China's economy has recently experienced significant turmoil, with growth rates at record lows, an increasingly volatile stock market and the yuan sliding against other currencies.

    In August 2015, the bank sharply weakened the rate of the yuan against the dollar, decreasing it by three percent. Later, the Chinese Central Bank announced measures aimed at yuan's stabilization. In 2016, weakening of the Chinese currency happened three more times.

    In January 2016, China reported its 2015 GDP increase to be the lowest in over 20 years, while its exports fell by 2.8 percent and imports decreased by 14.1 percent. In late April, the State Council of China announced a number of measures to support foreign trade, including the extension of export credit insurance and increase in tax refunds to exporters.

    At the end of December, the People's Bank of China said it would continue down the path of a moderate monetary policy in 2017 to keep the national currency stable.

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