The yuan reached its lowest level in seven months after the People’s Bank of China weakened the currency’s reference rate amid concern Europe’s debt crisis will hamper growth in the global economy and cut export demand.
The central bank set its daily fixing 0.3 percent weaker, the most since March 12, at 6.3230 per dollar. The MSCI Asia- Pacific Index of regional stocks fell, heading for the worst quarter since the period ended September. The Dollar Index, which tracks the greenback against six major counterparts, rose after completing its biggest weekly gain in a month.
“We have seen big moves in the U.S. dollar crosses,” said Robert Minikin, a senior strategist at Standard Chartered Bank in Hong Kong. The weaker fixing “represents the unwinding of the Group of 20 effect as we had a couple of unusually strong fixes heading into the G-20 last week,” he said.
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