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China's yuan falls 0.8% in morning trade to lowest level in 10 months

Published on Feb 28, 2014 11:27 AM

HONG KONG (REUTERS) - China's yuan fell to its lowest level in 10 months at 6.1806 per dollar in morning trade on Friday.

China's central bank appears to have targeted speculators this week by engineering a sudden fall in the yuan against the dollar, but economists warn that induced downside risk was no substitute for true liberalisation in the currency market.

The yuan fell 0.8 per cent to 6.1806 per dollar by 0307 GMT (11.07am Singapore time), It opened at 6.1275 per dollar, compared with the previous day's close at 6.1284.

The People's Bank of China (PBOC) set the yuan midpoint at 6.1214.

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