Meanwhile, China's yuan continued to tumble Friday after the People's Bank of China announced it would move away from its peg of the yuan to the U.S. dollar and instead measure it against a basket of currencies of its major trading partners to better reflect market realities.
The government sets the rate daily on the yuan, also known as
the renminbi, which is currently trading within a two percent
margin against the dollar, the AFP news agency reported.
"The bilateral renminbi-U.S. dollar exchange rate is not
considered a good indicator of the international parity of
tradable goods," the bank said in a note on its website.