PBOC gives in, weakens yuan

However, the yuan weakened in the spot market, climbing above 6.37 yuan to the U.S. dollar. Based on the today's fixing, the yuan can fall beyond 6.38 before hitting the 1% limit.

With the euro down sharply today, the yuan is likely trading in overvalued territory once again.
Yuan dives vs dollar after holiday, spot near 7-mo low