(VOVworld) – On Thursday the People's Bank of China devalued for the third consecutive day, the exchange rate reference currency and established a rate of 6,401 yuan per dollar, down 1.11% from Wednesday.

China set the reference rate for its currency more than 1% lower against the US dollar on August 13, 2015, its third consecutive reduction. (Photo: AFP/File)

Earlier on Tuesday, the central bank depreciated 1.9% of its currency value, the strongest drop over the past 20 years.

On Wednesday, the yuan continued to lower the rate of 1.6% of the yuan's value against the US greenback.

Performance of the Chinese yuan in the past year. (Photo: AFP/Graphic)

China’s cuts have caused stock markets in Asia, Europe, and the US to fall and driven the global oil prices on the New York Mercantile Exchange down.