Yuan Slides After PBOC, Dollar Little Changed on MLK Day

Yuan Slides After PBOC, Dollar Little Changed on MLK Day
Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken on Feb. 10, 2020. Dado Ruvic/Illustration/Reuters
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LONDON/SINGAPORE—The yuan fell on Monday to a one-month low after China’s central bank surprised markets by keeping its medium-term policy rate steady, while the dollar was little changed on Martin Luther King (MLK) Jr. Day, a public holiday.

The People’s Bank of China (PBOC) left interest rates unchanged when rolling over maturing medium-term policy loans, defying market expectations for a cut to shore up China’s bumpy post-pandemic economic recovery.