Among the 11 analysts polled by CNBC, the majority do not see the currency weakening significantly, but rather a gradual depreciation engineered by the PBoC.

The decision comes amid encouraging first quarter growth figures, with GDP recording a 5.4% rise year-on-year.

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China will not be able to wield a weaker yuan as a weapon in its deepening trade war with the U.S. due to concerns that such a move could trigger financial market instability, market watchers told ...