SHANGHAI: China weakened the yuan’s reference rate to beyond 6.8 to the dollar for the first time in more than six years Friday as the greenback rebounded strongly, with analysts warning the unit could drop further.
The People’s Bank of China set the value of the yuan—also known as the renminbi—at 6.8115 to the greenback, down 0.34 percent from Thursday’s fixing, according to data from the Foreign Exchange Trade System.
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