USD/CNY: Yuan mid-point fixed at lowest since June 2008

The Chinese currency continues to remain stuck in a downward spiral, the greenback extends its advance against its main competitors amid an imminent Dec Fed rate hike, following the hawkish Nov FOMC meeting minutes published late-Wednesday.

The PBOC set the yuan reference point against the US dollar at 6.9085, 181 basis points or 0.26% weaker than Wednesday’s fix of 6.8904.

The spot last seen changing hands at 6.9199 at midday, 0.01% weaker than the previous close of 6.9190. It marks a new low this week, and the lowest point since early June 2008.