The yuan plunged to a seven-month low after China cut its key one-year and five-year interest rate by ten basis points, in the first monetary easing in a decade as authorities seek to support a slowing economic recovery.
The decision sent the yuan down 0.2 percent in onshore trading to 7.1803 per dollar, staying near last week's seven-month low of 7.1819 per dollar. The offshore yuan fell 0.2 percent to 7.1769 per dollar, near last week's low of 7.1916 per dollar.
Source (Alkhaleej Emirati Newspaper, Edited)
