China's yuan fell by the most this month after the United States Federal Reserve Board ended its bond-purchase program and signaled it is prepared to raise borrowing costs. The People's Bank of China cut the daily reference rate by 0.08 percent, the most since Aug 21, to 6.1457 per dollar. Kenix Lai, a Hong Kong-based currency analyst at Bank of East Asia Ltd said the yuan has risen rapidly recently and that it will likely have a short-term correction on expectations that the US will raise interest rates sooner rather than later. The yuan closed at 6.1159 per dollar in Shanghai on Thursday, China Foreign Exchange Trade System prices show.

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