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Yuan records biggest fall since 1990s

(Global Times)

08:17, July 09, 2012

The yuan's price against the dollar dropped by 0.88 percent in the second quarter, the largest drop since China implemented a managed floating exchange rate system in 1994, according to a report that Fudan University released Sunday.

China's central bank widened the yuan's trading band against the dollar from 0.5 percent to 1 percent, effective April 16 onwards, which has led to a great drop in the yuan's exchange rate, the report explained.

The report also predicted that the yuan's effective exchange rate will stay high, given the seemingly never-ending European debt crisis.

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