The official Xinhua news agency has reported that China cut the value of the yuan against the dollar by 1.62 percent again on Wednesday.

This is the second reduction by the Chinese Central Bank in two days, after it devalued the yuan for the first time yesterday.

The Associated Press reports that the daily fix that sets the value of the Chinese currency against the greenback was lowered to 6.3306 yuan, from 6.2298 on Tuesday as quoted by Xinhua.