Mubasher: The USD tumbled 0.16% against the China’s Yuan to CNY 6.6087 on Thursday by 11:01 am GMT.

The People's Bank of China announced earlier that it had raised its 7-day and 28-day interest rates by 5 basis points, according to an official statement.

The decision taken by the People's Bank of China (PBoC), the Chinese central bank, followed a similar one taken by the US Federal Reserve late Wednesday when it raised interest rates by 0.25%.

The Chinese economy showed a sluggish growth in November, which fell short of market analysts’ expectations.