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China's central bank sets daily yuan midpoint at its weakest since May

Wednesday's fixing, the lowest since May 31, 2017, largely matched market forecasts, traders said.


Reuters 01 Aug 2018, 01:35 AM China
  • Wednesday's fixing, the lowest since May 31, 2017, largely matched market forecasts, traders said. (Image Credit: Twitter)

China's central bank set the daily yuan midpoint on Wednesday at its weakest since May last year to reflect declines a day earlier.

The People's Bank of China (PBOC) fixed the yuan midpoint at 6.8293 per dollar, 128 pips or 0.19 percent weaker than the previous fix of 6.8165.

Wednesday's fixing, the lowest since May 31, 2017, largely matched market forecasts, traders said.

China's yuan finished weaker against the U.S. dollar at the domestic close on Tuesday, booking its fourth straight month of weakening - the longest such streak since early 2015.

(Reporting by Winni Zhou and Andrew Galbraith; Editing by Simon Cameron-Moore)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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