The PBOC just fixed the yuan at its weakest level since December 2010

Gas well blowout. China Photos/Getty Images

The People’s Bank of China have set the USD/CNY fixing for Monday at 6.6375, some 0.9% weaker than Friday’s fixing level of 6.5776.

The figure, well above Friday’s close of 6.6150, was the weakest fixing level seen since December 2010.

A higher figure indicates that the Chinese yuan has weakened against the US dollar.

While some weakness was to be expected given the sharp US dollar appreciation over recent days, the figure has heaped further pressure on the likes of the British pound, euro, Australian and New Zealand dollars which have fallen sharply in recent trade.

Upon the resumption of trade, the USD/CNY has risen to as high as 6.6387, the weakest level the yuan has traded at since January 2011.

USD/CNY Weekly chart.

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