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The People's Bank of China Wednesday set the mid-point rate for the yuan at its lowest level in more than four years, as heavy capital outflows and a slowdown in the world's second-largest economy weigh on the currency.

The PBOC set the mid-point for the dollar at 6.414 per dollar, compared with 6.4078 on Tuesday. The latest fixing was the lowest since August 2011.

China's central bank lets the yuan spot rate rise or fall a maximum of 2 percent against the dollar relative to the official fixing rate.

First Published:Dec 9, 2015 7:51 AM IST