Yuan Drops in ‘Vicious Cycle’; China's Central Bank Gives Market More Sway

August 12, 2015 5:01 AM

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The yuan plunged for a second day, reflecting a weaker outlook for economic growth as China’s central bank stuck to its plan to give market forces more sway in determining the exchange rate.

The currency weakened 1.6 percent to 6.4264 per dollar as of 10:48 a.m. in Shanghai, after a 1.8 percent tumble yesterday that marked its steepest slide in two decades. While the People’s Bank of China said there’s no economic basis for a continuous fall, policy makers reduced the daily fixing on We...

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