The People's Bank of China amid the mutual increase in tariffs with the US weakened the yuan to the dollar by 0.6%, RIA Novosti reported.
On Wednesday, the Central Bank set the average exchange rate at 6.8365 per dollar - 411 points weaker than the day before, when the rate was 6.7954.
Amid the ongoing trade war with the US, the rate of the Chinese currency has weakened considerably since the beginning of the year. The Central Bank assured that it will keep the exchange rate at a rational and stable level. The authorities, including Premier Li Keqiang, have repeatedly stated that they are not going to turn the yuan exchange rate into a tool for responding to a trade dispute.
The Bloomberg agency earlier reported that the US asked Beijing to maintain a stable yuan exchange rate, and this issue was raised during several rounds of talks. The United States noted that any attempt to devalue the yuan would be met by higher US tariffs. Bloomberg added that RMB depreciation could be a strategy to counter existing US import duties on China.
In August 2015, the People’s Bank of China sharply weakened the yuan against the dollar (from 3% to 6.4 right away), which shocked global stock markets.