The U.S. dollar has hit an 11-year high against a basket of major currencies.
The greenback has risen to as high as 95.505 against a basket of major currencies, its highest level since September 2003.
At the same time, the renminbi has weakened by 38 basis points to 6.1513 against the U.S. dollar.
The rise of the US dollar against the Chinese currency follows the PBOC's interest rate cut.
For more on this, we're joined now live by Gao Shang, analyst with Beijing-based Guantong Futures.
