From Bloomberg:
China weakened the yuan’s daily reference rate by a record 1.9 percent, allowing depreciation to combat a slump in exports.
The currency dropped an unprecedented 1.2 percent to 6.2848 per dollar as of 9:43 a.m. in Shanghai, and slid a similar amount in Hong Kong’s offshore trading. The onshore spot rate was 0.9 percent weaker than the reference rate of 6.2298, within the 2 percent limit allowed by the People’s Bank of China.
