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| China yuan guiding rate set lower for third day | China yuan guiding rate set lower for third day |
| (35 minutes later) | |
| China has set the guiding rate for its yuan currency lower for third consecutive day. | China has set the guiding rate for its yuan currency lower for third consecutive day. |
| Thursday's rate was set 1% down against the dollar, a smaller margin than the shock cuts earlier in the week. | Thursday's rate was set 1% down against the dollar, a smaller margin than the shock cuts earlier in the week. |
| The bank had on Tuesday announced it would start setting the daily rate based partly on the previous day's trading, bringing the yuan closer to a free-floating currency. | The bank had on Tuesday announced it would start setting the daily rate based partly on the previous day's trading, bringing the yuan closer to a free-floating currency. |
| The move triggered concerns over a currency war to boost China's exports. | The move triggered concerns over a currency war to boost China's exports. |
| Recent economic data had seen a decline in exports, adding to the worries that the world's second largest economy was headed for a prolonged slowing of economic growth. | |
| A weaker yen will make products cheaper abroad, making the country's companies more competitive on international markets. | |
| The Thursday midpoint rate set by the People's Bank of China was 6.4010 yuan for $1, a 1.1% rise from the previous day's 6.3306. | The Thursday midpoint rate set by the People's Bank of China was 6.4010 yuan for $1, a 1.1% rise from the previous day's 6.3306. |
| The midpoint is a guiding rate, from which trade can rise or fall 2% during the day. | The midpoint is a guiding rate, from which trade can rise or fall 2% during the day. |