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China sets yuan mid-point at fresh 11-year low, but remains firmer than expectations

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08/12/2019 | 09:34pm EDT
Illustration photo of a China yuan note

SHANGHAI (Reuters) - China's central bank lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low on Tuesday to reflect broad weakness in the local unit.

The People's Bank of China (PBOC) set the midpoint rate <CNY=PBOC> at 7.0326 per dollar prior to market open, 115 pips, or 0.16%, weaker than the previous fix of 7.0211 and the weakest since March 25, 2008.

But Tuesday's official guidance rate came in firmer than market expectations, traders said, a situation that has been persistently seen since last week after Beijing let its currency weaken past the key 7 per dollar level.

The official fixing was 95 pips, or 0.14%, firmer than Reuters' estimate of 7.0421 per dollar.

(Reporting by Winni Zhou and Andrew Galbraith; Editing by Joseph Radford)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.93% 3.24 End-of-day quote.-12.20%
EURO / US DOLLAR (EUR/USD) 0.16% 1.18617 Delayed Quote.5.62%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.18% 6.7543 Delayed Quote.-2.65%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.13% 6.7583 Delayed Quote.-2.79%
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