Yuan weakens for third day; central bank says no basis for more depreciation

August 13, 2015 4:38 AM

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Yuan weakens for third day; central bank says no basis for more depreciation

SHANGHAI China's yuan weakened slightly on Thursday to a fresh 4-year low, but the pace of decline eased after the central bank signaled it believes the yuan has found its proper new level.

The People's Bank of China set the midpoint rate CNY=SAEC at 6.4010 per dollar prior to market open, weaker than the previous fix of 6.3306 but near the prior market close, following through on its commitment to set the midpoint with a closer eye on the previous day's closing rate, seen as making th...

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