The PBOC fixed the average yuan exchange rate at 6.5118, marking the biggest rise in over three months, against the pre-holiday February 5 rate of 6.5314.

China’s currency has lost more than 1.5 percent against the US dollar since the start of 2016.

The yuan’s January devaluation by PBC has been the largest since August 2015, when the currency lost over 3 percent against the dollar, triggering a stock market slump around the world.

Decelerating growth rates have plagued the Chinese economy alongside turbulent stock markets and a falling currency. China’s economy grew 6.9 percent in 2015, down from 7.3 percent in 2014, amounting to the lowest annual GDP increase in 25 years.