Yuan Falls Against Dollar, Ending Three-Day Streak
Xu Wei
/SOURCE : Yicai
Yuan Falls Against Dollar, Ending Three-Day Streak

(Yicai Global) Sept. 11 -- The yuan slid against the US dollar today after rising for three days in a row.

The dollar-yuan spot exchange rate fell 408 basis points to 6.5180 in the onshore market at 15.41 p.m. as the rate slipped 526 basis points to 6.5276.

The yuan has gained great ground against the greenback in recent months from a softening dollar and political tension between the US and North Korea, and hit a 21-month high on Sept. 8.

The People's Bank of China (PBOC) -- China's central bank -- canceled reserve deposits that overseas yuan business participating banks saved in domestic agency banks from today and lowered the foreign exchange risk reserve ratio from 20 to 0 percent. Analysts ascribed this to PBOC's reluctance to allow too-swift yuan appreciation.

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Keywords: Onshore Yuan , CNY , Offshore , CNH , US Dollar , Foreign Currency