China’s yuan weakened to a six-month low against the dollar on Tuesday, after the Chinese central bank lowered a short-term lending rate to help the economy through its shaky post-pandemic recovery. The People’s Bank of China (PBOC) cut its seven-day reverse repo rate by 10 basis points to 1.90% from 2.00%. Many market participants had previously expected that China’s central bank might have waited until Thursday, when 200 billion yuan ($27.94 billion) worth of medium-term lending facility (MLF) loans are due to be refinanced. And, the cut in the reverse-repo rate has firmed up expectations for a reduction in MLF ... (full story)