The yuan fell yesterday by the most in more than six weeks against the dollar on speculation China will slow currency gains to aid exporters as the economy slows.
The currency, Asia's best performer this year, dropped after the central bank set a weaker daily reference rate for a third day, Bloomberg News reported. China's economic growth cooled in the second quarter, increasing pressure on authorities to switch from fighting inflation to bolster the nation's economy. The currency declined 0.19 percent to 6.83 a dollar in Shanghai as of yesterday's 5:30pm close, from 6.8169 at the end of last week, according to the China Foreign Exchange Trade System. That's the biggest drop since June 4.
