(Australian Associated Press)
The Australian dollar has again plunged one US cent after China’s central bank made another aggressive devaluation of its currency.
The People’s Bank of China announced a 1.6 per cent devaluation of the yuan, following its surprise 1.85 per cent devaluation on Tuesday.
The PBoC said Tuesday’s move was an attempt to prop up China’s weakening export sector; the PBoC changed the trading range for the yuan against the US dollar.
Like most major currencies, the Australian dollar fell following the move, to a low of 72.16 US cents, from 73.23 cents just before the announcement at 1115 AEST, which was similar to Tuesday’s fall.