SHANGHAI: China’s central bank on Wednesday fixed the yuan currency nearly 0.60 percent weaker against the US dollar, according to the national foreign exchange market, the biggest downward move since devaluing the unit in August last year.

The People’s Bank of China set the value of the yuan—also known at the renminbi (RMB)—at 6.4943 to $1.0, weakening 0.59 percent from the fix of 6.4565 the previous day, according to data from the Foreign Exchange Trade System.

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