China sets yuan midpoint at lowest since late Dec

China's central bank on Tuesday set its official yuan midpoint at the lowest in over one month to reflect sharp losses in the spot yuan in the previous session.

People's Bank of China (PBOC) set the midpoint rate at 6.9779 per dollar prior to the market open, 530 pips or 0.76% weaker than the previous fix of 6.9249, and the weakest since Dec. 30, 2019. The move in Tuesday's official guidance rate was also the biggest one-day weakening in percentage terms since July 20, 2018.