13:11 | 14/08/2015 Global Economy
The People's Bank of China set the mid-price for onshore trading in the yuan on Friday at 6.3975 to the dollar, ending a three day skid sparked by the shock devaluation of the currency on Tuesday, the biggest since 1994.
Stacks of yuan are counted at a bank in China as the currency has apparently stabilized after falling the past three days following a surprise devaluation earlier in the week. Photo: AFP
The onshore yuan settled at 6.399 on Thursday. The mid-price set by the PBoC yesterday was at 6.4010.
The offshore yuan strengthened 0.34 per cent to 6.4416 at 11:30 am on Friday, rising for the first time after shedding 3.7 per cent in the previous three trading days.
The onshore yuan opened at a stronger level than yesterday but it weakened 0.02 per cent, or 15 basis points, to 6.3997 at 11:30am.
The Thai baht and Korean won lost ground, weakening by 0.32 per cent and 0.81 per cent against the US dollar, respectively as of 11:30am.
The yuan had been falling for three days and the devaluation and subsequent depreciation had roiled world financial markets./.
Source: South China Morning Post