Chinese Yuan Falls 0.9% Against The Dollar, The Biggest Drop Since 2005

The Chinese yuan is down 0.9% against the dollar, this is the biggest drop since the revaluation in 2005, reports The Wall Street Journal.

The People's Bank of China (PBoC) fixed the yuan at 6.1214 per dollar, according to the China Foreign Exchange Trading System.

After rising 3% against the U.S. dollar in 2013, the onshore yuan (CNY) weakened against the greenback last week. The offshore yuan (CNH) has also weakened.

This comes on the back of efforts by China's central bank, the People's Bank of China (PBoC), to curb yuan appreciation, forcing many investors out of bets that the currency will continue to rise.

More to come...