The People’s Bank of China set the weakest daily midpoint for the yuan against the U.S. dollar on Tuesday, causing investors to resort to safe haven assets.
The PBoC set the midpoint rate at 6.5273 per dollar, which 0.17 percent lower from the previous closing, the most in six weeks.
Investors resorted to safe havens while damped risky assets on Tuesday, as the PBoC lower fixing came few days ahead of the G20 meeting in Shanghai.
The yen soared to 111.84 versus the green currency, the highest level since February 11, while Asian shares fell from seven-week high.
